Satellite

摘要

LightSquared investor Harbinger Capital Partners and CEO Phil Falcone agreed to an $18 millionnSEC settlement on charges of illicit conduct. Under the settlement, Harbinger and Falcone agreednto admit to wrongdoing and "Falcone also agreed to be barred from the securities industry for at leastnfive years," the SEC said in a press release (http://1.usa.gov/19GP5Tz). The parties admitted to multiplenacts of misconduct "that harmed investors and interfered with the normal functioning of the securitiesnmarkets," it said. Falcone also admitted to improperly borrowing $113.2 million from the HarbingernCapital Partners Special Situations Fund "at an interest rate less than SSF was paying to borrownmoney, to pay his personal tax obligation, at a time when Falcone had barred other SSF investors fromnmaking redemptions," the SEC said. It filed the charges last year (CD June 28/12 p20). Harbinger isnthe largest investor in LightSquared, whose plans for a terrestrial satellite service were stalled due tonopposition from the GPS industry. This month, Harbinger filed a $1.9 billion lawsuit against Deere,nTrimble and other members of the GPS industry, claiming the defendants didn't disclose potential interference problems between the spectrum and GPS equipment. The complaint was filed in U.S. DistrictnCourt in Manhattan.