Key Developments For TerreStar Corporation
TerreStar Corporation (TSTR.O) (Consolidated Issue listed on NASDAQ Global Market)
TerreStar Corporation Announces Distribution Agreement with AT&T Inc.
TerreStar Networks Inc. (TerreStar), a majority owned subsidiary of TerreStar Corporation, announced an agreement between TerreStar and AT&T Inc. to bring to market the first fully integrated satellite cellular smartphone. The TerreStar solution will combine AT&T's wireless connectivity with the ability to use an all-IP satellite network as back up throughout the United States. Using one phone number and one device, users will be able to access voice and data services in the United States, Puerto Rico, the U.S. Virgin Islands and offshore coastal waters over either the AT&T cellular network or the TerreStar satellite network.
Terrestar Corporation Signs Technology Agreement with QUALCOMM Inc.
Terrestar Corporation announced that it has entered into agreement with Qualcomm Incorporated to develop integrated satellite-cellular communications technologies for conventional-sized mobile devices designed for government, public safety, enterprise and consumer users. This agreement broadens TerreStar’s existing development opportunities for advanced technologies and protocols that combine the ubiquity of a North American satellite footprint with the connectivity of terrestrial wireless networks across an all-IP broadband communications platform. Under the agreement, Qualcomm will integrate satellite and cellular communications technology by developing a satellite protocol and including it in the firmware of select upcoming Qualcomm multi-mode baseband chips. Qualcomm also will support the S-Band frequencies — where TerreStar will operate — in select RF processors. As a result, satellite connectivity can be enabled in conventional-sized, mass-market wireless handsets and devices. The same mobile chipsets forming the heart of handsets and other devices will enable handset vendors to produce satellite-capable devices at comparable scale and cost. The agreement follows Qualcomm’s previous agreements with other MSS providers, including Mobile Satellite Ventures and ICO Global Communications.
Terrestar Corporation Announces Resignation Of Neil Hazard As Chief Financial Officer-Form 8-K
Terrestar Corporation announced in its Form 8-K the departure of Neil Hazard as its Executive Vice President and Chief Financial Officer, effective November 30, 2008.
New York Supreme Court Dismisses Breach of Contract Suit Against Terrestar Corporation
Terrestar Corporation announced that on October 14, 2008, the Supreme Court of the State of New York, County of New York, Commercial Division, dismissed a lawsuit filed in February 2008 by Highland Crusader Offshore Partners, L.P.; Highland Equity Focus Fund, L.P.; Highland Capital Management, L.P.; and Highland Capital Management Services, L.P. (collectively, Highland) against TerreStar and denied Highland's request to amend its complaint in that lawsuit. Highland alleged that TerreStar breached certain provisions in the Certificate of Designations for Terrestar's Series A Preferred Stock, issued in April 2005. Highland sought to redeem the Series A Preferred Stock that it purchased or obtain damages. The Court's order dismissed the lawsuit in its entirety.
Terrestar Corporation Sells Remaining Interest In SkyTerra For $123 Million
Terrestar Corporation announced that it had sold its remaining 29,926,074 shares of non-voting common stock of SkyTerra Communications, Inc. for a total of approximately $123 million in a series of transactions. Affiliates of Harbinger Capital Management purchased 23,626,074 shares for proceeds of approximately $97 million, and the remaining 6,300,000 shares were sold to other purchasers for net proceeds of approximately $26 million. Simultaneously, TerreStar has granted to SkyTerra the right to transfer under certain conditions 4,216,270 shares, or approximately 11%, of TerreStar Networks Inc. held by SkyTerra, and to the transferee or transferees' exchange of such shares for 4.37 shares of TerreStar Corporation per TerreStar Networks share, with registration rights. TerreStar would also receive the 3,126,428 shares of TerreStar's subsidiary, TerreStar Global Ltd., currently owned by SkyTerra as a condition of the first such exchange.
