LightSquared Files Transfer of Control Application
LightSquared filed a transfer of control application at the FCC Monday, as expected (see 1504010016">1504010016), posted in inbox 63.04. "This filing is the next step in completing the company's exit from bankruptcy," a company spokesman said. If the application is…
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granted, it will assign spectrum licenses to a reorganized LightSquared, called New LightSquared, a satellite industry lawyer said. He said New LightSquared also filed a request for an FCC declaratory to approve the reorganized company's foreign ownership, which is about 70 percent, compared with more than 80 percent in a previous plan. The application and request for declaratory ruling are fairly standard, said Butzel Long satellite lawyer Stephen Goodman, who isn't involved in the bankruptcy. “The problem is it can introduce some delay because it means the FCC will have to coordinate with the Department of Justice and the FBI,” he said. “They require you to voluntarily enter into an agreement with them so they can review the officers and directors to make sure there’s no terrorists in the organization.” This can slow down the process, he said. The FCC wouldn't comment on the application, which has not been put out on public notice.