Bloomberg reported that Dish Network Chairman Charles Ergen claims LightSquared’s reorganization plan will improperly benefit lenders, including JPMorgan Chase. Bloomberg noted that the lenders will own the wireless spectrum company’s assets post-bankruptcy.
According to Bloomberg, Ergen said in a bankruptcy court filing that LightSquared’s controlling shareholder Phillip Falcone “made it clear that he was interested in using the plan to enrich himself and equity holders.”
To read the full Bloomberg article, click here.
Previously on abfjournal: Bloomberg: LightSquared Judge Says She Can’t Reject Reorganization Plan, February 25, 2014