Carl Icahn Buys $300 Million of LightSquared Debt
Carl Icahn has scooped up a large portion of LightSquared debt, totaling $300 million worth of the company's $1.6 billion in loans. The move is a strategic one that could give Icahn a say in the company's future, should its bid to run a Long Term Evolution 4G network on the L-band satellite spectrum fails. LightSquared is being funded by Philip Falcone's Harbinger Capital, which is currently under SEC investigation. LightSquared has the cash to operate for a few more quarters while it continues to petition the Federal Communications Commission for permission to run its network. Some believe LightSquared will run out of cash before it garners FCC approval. Icahn has a long history of activist investing, notably with Motorola.
eBay to Spin Off PayPal Next Year
eBay today announced plans to separate its online auction business from its online payments business. eBay will spin off PayPal into its own company, a move it expects to complete during the second half of 2015.
Investors Give RadioShack a Second Chance
RadioShack has forged an agreement with Standard General and other investors to refinance about $585 million in debt. Standard General now stands as RadioShack's largest shareholder, with a 10% stake in the company.
Verizon to Sell Landline Biz to Frontier for $10 Billion
Verizon Communications today confirmed plans to sell part of its wireline telephone and internet business to Frontier Communications for $10 billion. The deal covers Verizon's consumer and business assets in California, Florida, and Texas.
T-Mobile's LTE Network Covers 300 Million People
T-Mobile said its LTE 4G network now reaches 300 million Americans, a significant milestone for the Uncarrier. The company says it is ahead of schedule, and will add coverage to one million square miles this year.
He does nothing with stuff!
He will do the same with Lightsquared.
The Cosmopolitan is doing plenty fine, and so could the Fontainblaue if it was ...
He will hold about 18% (if I figured right) of LS debt which will probably put him near the first of the line when it goes under.
But, he doesn't do these things without a plan....