NEW YORK Jan 9 Satellite TV provider Dish
Network Corp officially pulled its bid to buy bankrupt
wireless spectrum provider LightSquared Inc on Thursday,
according to a source familiar with the matter.
Dish, which is looking to enter the wireless market, had put
in a bid of $2.2 billion for LightSquared, but its efforts were
opposed by LightSquared lenders and the telecom firm's
controlling shareholder, Harbinger Capital Partners.
Dish declined to comment, as did a representative for
Harbinger, the hedge fund started by investor Philip Falcone.
The decision was first reported in the Wall Street Journal
on Jan. 8.
The move is the latest twist in a long-running saga
involving LightSquared's efforts to use controversial wireless
airwaves to build a broadband network in the United States.
LightSquared filed for bankruptcy in 2012 after the Federal
Communications Commission (FCC) blocked its plan to build a
wireless network because the regulator feared it would interfere
with GPS navigation.
The case is In re: LightSquared Inc, U.S. Bankruptcy Court,
Southern District of New York, No. 12-12080.