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everyone is still here including both aldo and ray.
as sippet stated, this is a holding pattern for now.
july is almost over, so august we may catch an update.
if you have time, write letters. i believe the idea is for volume.
Sen. Grassley seemed to have a bug about LightSquared, although it was more to do with possible cronyism on the part of the fcc through the obama administration, but maybe he could use some illuminating information from those of us hurt by this constructive fraud pump-n-dump.
New Plumb Report--Scroll to the top to read!!!
Ray posted a new Plumb Report.
It is the first read in the header of this page.
It is in bold black font.
the first sentence is:
>>>The net benefits to consumers that arise from implementing an SDL at 1.4 GHz including faster download speeds in urban and suburban areas, support for a greater number of users and better in-building coverage16. <<<
but here is the money shot:
The net present value of the benefits using 1.4 GHz for a supplemental downlink for mobile broadband in MENA region is estimated to be US$26 billion. The results are presented in Table 5-2: . The quantified benefits of 1.4 GHz translates into $1.94/MHz/pop which is around half the European value of $3.90/MHz/pop (€2.71) calculated in our study for Europe.
If we as a united force are presented with a settlement offer, that is "if"--then keep this report in mind.
As Ray and Aldo have been saying, it is better that we are all united in this front against the "evil doers"-- those 21st Century Robber Barons who have illegitimately taken our assets as well as undermined the trust of investing in corporations-- it is better to stay united than to go it alone.
interesting article.
thanks ray for bringing this to my attention so that it can be posted to the board.
Harbinger vs Ergen and the RICO laws
Harbinger Capital Partners yesterday filed a lawsuit against Charles Ergen and DISH Network seeking as much as $4 billion in damages, alleging that Ergen’s acquisition of senior debt of LightSquared and subsequent actions to influence the company’s Chapter 11 proceedings to position DISH to acquire the company on the cheap constituted “civil racketeering” under applicable RICO laws, “involving mail and wire fraud, bankruptcy fraud, tortuous interference, and abuse of process.”
RICO, which stands for Racketeering Influenced and Corrupt Organization Act, was originally designed to be used against organized crime, but it has been used over the years, particularly its provisions providing for a private civil cause of action, in the context of alleged corruption and white-collar criminal cases.
The suit was filed in federal court in Colorado. In addition to Ergen and DISH, named defendants include hedge fund manager Stephen Ketchum and his investment company, Sound Point Capital, which allegedly operated as a front man in Ergen’s acquisition of LightSquared’s senior lender claims in order to hide Ergen’s involvement.
“Defendants’ conduct was, as the bankruptcy court overseeing LightSquared’s Chapter 11 cases found, an affront to the Chapter 11 process, in which defendants abused the bankruptcy proceedings, withheld crucial evidence, and engaged in a ‘troubling pattern of noncredible testimony,’” the lawsuit alleges. “Defendants wrongfully and deceptively created chaos in the bankruptcy proceedings so that Harbinger would lose control of the LightSquared board to which it was contractually entitled.”
As laid out in the lawsuit, Harbinger explained that it had spent billions of dollars in developing LightSquared’s wireless services network, and that to protect this investment it had entered into a stockholders’ agreement with the company and other shareholders that gave Harbinger “expansive protections and management rights … including the ability to appoint and remove a majority of directors and committees, chair all committees, and make material management decisions.” Harbinger asserted that this power over the company’s management “represent a significant premium independent of, and incremental to, the value of Harbinger’s equity alone.”
The suit said that Ergen and the businesses he controls, EchoStar and DISH, “have been on a continuing quest to acquire additional spectrum assets and for years have coveted the spectrum assets held by LightSquared.”
And after LightSquared filed for Chapter 11 on May 14, 2012, the complaint alleges, “defendants saw their opportunity.”
The alleged RICO scheme, as sketched out in the complaint, involved Ketchum’s investment company, Sound Point, creating a front company, SPSC, to “use Ergen’s funds to secretly purchase a majority position in the [senior bank debt of LightSquared] that would allow [Ergen] to block Harbinger’s control over LightSquared and force a DISH-sponsored bid to acquire LightSquared’s assets at a discount and simultaneously repay Ergen at a profit.”
Ergen, through SPSO, ultimately purchased roughly $844 million of the senior debt.
At the same time as Ergen was acquiring the debt through the latter half of 2012, the complaint asserts, Harbinger was seeking to raise financing and negotiate a reorganization plan with its creditors. In connection with this effort, Harbinger in early 2013 entered into an agreement with LightSquared creditors to extend the exclusive period during which only LightSquared could file a reorganization, agreeing that if negotiations were unsuccessful the company would explore a sale of assets (see “LightSquared reaches deal with lenders, nets exclusivity extension,” LCD, Feb. 14, 2013).
The complaint alleges that in the wake of this agreement Ergen was concerned that Harbinger would successfully obtain the financing for a reorganization plan. According to the complaint, Ergen believed that if Harbinger lost control of the company’s board, “LightSquared would cave to the influence of powerful creditor constituencies, now dominated by SPSO, who favored a quick payout over a plan that realized LightSquared’s true value.”
“Desperate to fulfill [its] scheme,” the complaint asserts, Ergen and DISH “moved quickly to remove Harbinger from the equation.”
To accomplish this, according to the suit, Ergen on May 15, 2013, made a bid to purchase LightSquared through an entity through an acquisition entity named LBAC (L-Bandwidth Acquisition Corp.) that, “while sufficient to pay off in full the holders of [LightSquared debt], including Ergen, was for far less than what Ergen knew to be the true value of the assets, and was a bid Ergen never intended to succeed.”
The suit alleges that after making the bid, Ergen next leveraged his influence with other LightSquared lenders to cause the group to charge LightSquared with failing to properly consider the LBAC bid and to fulfill its fiduciary duties to creditors (see “LightSquared ignored $2B Dish bid, broke agreement, lenders say,” LCD, June 19, 2013).
“Unbeknownst to the parties and the bankruptcy court, however, defendants were withholding critical documents that conclusively established that defendants knew full well that the LBAC bid represented a mere fraction of LightSquared’s true value, and thus that Harbinger properly had opposed the transaction,” the complaint states.
Other holders of the senior debt, meanwhile, were eager for a “quick payout,” and as soon as the company’s exclusivity period terminated filed their own proposed reorganization plan calling for the company to sell its assets to the highest bidder, with DISH serving as a stalking-horse bidder with a $2.2 billion bid. Among other things, the lenders proposed plan required lenders to terminate negotiations on any alternative plan, even though, in the words of the complaint, “defendants secretly planned to cancel that bid and drive the price even lower.”
To eliminate Harbinger’s role in the company, according to the suit, Ergen and DISH, “now supported by the hoodwinked ad hoc secured group [comprised of senior lenders other than Ergen], forcefully argued that LightSquared could not be trusted to fairly conduct an auction with Harbinger at the helm. Defendants sought to create the impression that Harbinger’s interests — to maximize the estate’s distributable value – conflicted with the estate’s interests, which, defendants asserted, would be served by embracing the stalking horse bid.”
That resulted in the bankruptcy court ordering the appointment of a special committee “imbued with complete power over the LightSquared operations that mattered most, including decision making related to a sale or reorganization of LightSquared and actions related to regulatory approval.”
But according to the suit, unknown to his fellow senior debt holders, Ergen never intended to go through with the deal, and after the special committee was appointed, LBAC cancelled its stalking-horse bid, “giving a pretextual decision for the cancellation.” (see “Dish could drop $2.2B LightSquared bid tonight, ahead of trial,” LCD, Jan. 7, 2014).
Among other things, the complaint asserts, the financial advisor for the ad hoc secured lender group in the case (comprised of senior lenders other than Ergen) “later testified that absent defendants’ machinations it likely would have reached a consensual plan of reorganization with Harbinger.”
Regardless, the complaint states, “With plan negotiations in shambles, defendants still in control of the [senior lender debt], and LightSquared’s quickly evaporating financing pressing it ever closer to the forced liquidation that defendants had always envisioned, Harbinger resigned from its now worthless board seats to explore alternative ways to salvage its billions in investments in the company.” As was widely reported, Philip Falcone and four other Harbinger-appointed directors resigned from the company’s board on June 12.
In wrapping the RICO allegations around the case, the complaint alleges that in implementing this scheme Ergen and his co-defendants “tortuously interfered with Harbinger’s rights under the stockholders’ agreement, committed bankruptcy fraud and abuse of process, and obstructed justice by withholding critical evidence that conclusively established that LightSquared’s assets were so valuable that Harbinger would have abandoned its fiduciary duties by not opposing [Dish’s] low stalking horse bid.”
Further, the complaint alleges, Ergen and other defendants “provided false testimony and made numerous misrepresentations” to the bankruptcy court concerning Ergen’s acquisition of LightSquared senior debt claims and LBAC’s stalking horse bid.
“Abusing the judicial process to corrupt the legal rights of others is part of Ergen’s modus vivendi,” the suit alleges, adding, “Practices of the kind defendants utilized here have led numerous courts in case after case to sanction Ergen’s companies for spoliation, contempt, and even perjury.”
Many of the facts alleged in the suit mirror the facts of a prior Harbinger lawsuit against Ergen in bankruptcy court litigated earlier this year regarding whether Ergen and SPSO’s purchase of the LightSquared debt claims were fraudulent efforts to evade the debt indenture prohibition against competitors owning the debt. At issue in that case was whether Ergen’s purchases were made on his own behalf as a personal investment, or whether they were made on behalf of DISH. That said, it’s worth noting that some of the allegations in Harbinger’s current lawsuit refer to allegedly false testimony provided in that trial.
The bankruptcy court ruled in that case that while Ergen’s later purchases of LightSquared debt were clearly on behalf of DISH, his earlier purchases via SPSO did not technically violate the debt indenture, but were clearly an “end run” around them that showed a lack of good faith. Bankruptcy Court Judge Shelley Chapman ruled, as a result, that while this conduct was not egregious enough to disallow Ergen’s claims in the case, it was enough to equitably subordinate them is any eventual reorganization plan.
At the same time, however, Shelley refused to confirm LightSquared’s reorganization plan because it treated Ergen’s entire claim differently than other senior lender claims.
Since then, the company has settled on a new reorganization plan that would repay Ergen partially in cash, and partially with an unsecured promissory note (see “LightSquared plan due July 14; confirmation hearing set for Aug. 25,” LCD, July 8, 2014).
Meanwhile, with respect to the Colorado case, under federal court rules, the named defendants in the lawsuit are required to answer the complaint within 20 days. As a practical matter, of course, such responses are frequently significantly delayed as parties get their arms around a case. Responses generally take the form of a factual response to the complaint’s allegations, known as an “Answer,” or a motion to dismiss the complaint on any number of procedural or legal grounds. – Alan Zimmerman
Posted in Bankruptcy/Restructuring, News, USComments 0
that crossed my mind as well, but it is definitely closure as far as elektrobit is concerned.
note the increase in pay from the original $13million settlement to $19million that occurred behind closed door sessions. this looks to be a document that is to acknowledge those closed door sessions and to have them registered with the court as to what transpired and the results.
until we get paid or someone is seriously fined and/or in jail--then that to me would be our closure. i think we still have a finger in the pie despite this tsn docket, but that is just my personal belief. the one we want to see is for tsc.
re: any reactions? elektrobit vs tsn
i do not like the summation they provide.
what sticks out is
#7--no request for the appointment of a trustee or an examiner was made in the ch. 11 cases of the tsn debtors
i think we all know that one was denied, but i think what they mean is that none of the creditors nor the debtors made the request, although, my foggy memory recalls elektrobit asking for one, so maybe it is out and out baloney.
the debtors argued against one as it would be "time consuming" and "delay the re-organization of the company" causing some sort of fiscal encumbrance to the debtors, that was in 2010. lol
thanks for posting this.
it looks like aldo struck the right chord, the response will be interesting.
more letters will be going out this week from this neck of the woods as that is what aldo and ray want.
Response to: Interesting look back from November
>>>NEW YORK (Reuters) - The U.S. Department of Justice's bankruptcy watchdog on Friday questioned the feasibility of four competing restructuring plans for bankrupt LightSquared put forth by the company and its creditors.
In a court filing in U.S. Bankruptcy Court in Manhattan, the DOJ's U.S. Trustee Program said the plans would provide third parties with overly broad releases from potential legal claims. <<<
Question:
shouldn't we be writing letters to the DOJ's U.S. Trustee Program?
i believe for this region that would be:
WILLIAM K. HARRINGTON
UNITED STATES TRUSTEE (REGION 2)
U.S. FEDERAL OFFICE BUILDING
201 VARICK STREET, ROOM 1006
NEW YORK, NY 10014
Phone: 212-510-0500 Fax: 212-668-2256
Go to USTP Region 2 Website
and may G-d smite the "evil doers" with serving time in jail!
can i get a witness?
-amen-
Ray,
are you saying to write judge chapman as well as place a request in the other letters that we get a day in court with judge chapman over light squared?
the letters i sent to mr west only requested an investigation into the shenanigans of falcone and ergen as well as contacting judge lane to revoke the confirmation. i used the judge chapman ruling that you posted here on ihub a few weeks ago, i used that as support for the judge lane trial and the need to revoke the confirmation. that being said,
so i need to write him another set of letters regarding the light squared case with judge chapman?
that's not a problem, i bought more stamps (60 stamps), i just want to be clear on my topic.
also, a question about the whistleblowers letter. is this one supposed to be focused on the fraudulent transfer of the 1.6 from sky terra to light squared, hence why you want the light squared court number listed? or is this one also about the whole shebang--the 700mhz, 1.4ghz, 1.6 and falcone/ergen black ball--which would also mean to listing the tsc and tsn court numbers?
<><><<><><><><><><><><>
A note to the TSTRQ shareholders--the whistleblowers form has instructions towards the bottom of the form. there are 16 pages, but only several are for the form, the rest are instructions. If you are confused about the fields on the form, check scroll down to the bottom until you start seeing the instructions.
( TSTRQ) SHAREHOLDER'S LOOK HERE ::::::: "they call me ray" repost bumped up
WE NEED YOU ALL TO REFILE ALL THE FOLLOWING DOCUMENTS PLEASE I WILL PROVIDE LINKS AND STEP BY STEP WHAT TO DO :
WHISTLE BLOWER :http://www.sec.gov/about/forms/formtcr.pdf
( PRINT THIS AND MAIL IT TO : CFTC, Whistleblower Office, 1155 21st Street, NW, Washington, DC 20581
FAX IS ALSO :
Fax Number (202) 418-5975.
ANOTHER ADDRESS: SEC Office of the Whistleblower
100 F Street NE
Mail Stop 5553
Washington, DC 20549
FAX#:
Fax: (703) 813-9322
ATTENTION : ENFORCEMENT AGENT FOR ( TERRESTAR CORPORATION ( TSTRQ)
WRITE A LETTER TO TONY WEST : 950 PENSYLVANIA AVE. (NW) WASHINGTON DC, 20530 OR EMAIL HIM AT : ASKDOJ@USDOJ.GOV ATTENTION TONNY WEST
MAILING LETTERS ARE BETTER :
ALSO SEND IN ALL THE LETTERS WITH INFO OBOUT FALCONES FRAUD WITH TSC AND REQUESTING OUR DAY IN COURT WITH JUDGE CHAPMAN , INCLUDE THE LIGHTSQUARED CASE NUMBER :In re LightSquared Inc., et al., Case No. 12-12080 (SCC) Jointly Administered
United States Bankruptcy Court, Southern District of New York
THAK YOU ALL ... AND GOD BLESS DO THIS ASAP ALL MUST IT WILL HELP ALOT
i am mailing ten letters monday. in a clean format, i have also cut-and-pasted your run down from the ihub board--the may 20th letter to judge lane--as i like the mojo on it and appended it as detailed info. i will mail ten more on tues. and ten more on wed. i think i have 40 stamps. so ten more on thurs.
re: and excuse me: ""this is a shell company?""
yes, at 3:15 - 3:20 he clearly states that the stock will continue to go and that
J. Epstein: "this last month we have 'de-risked' [sic] this business by huge amounts, obviously launching the satellite, making the call, that's why you are seeing a lot of momentum in this stock, and i-i think it will continue to go as we get more and more traction."
q: do you guys need more money (paraphrased)
J.Epstein: "we're funded into 2010 which covers most of our cafects (?what is this?) which includes two satellites which we actually have another one being built by lorell as our ground spare"
also the "going through a process to expand into the EU" is pretty much saying that they are not going to fold, that they have long term plans for expansion.
i have not heard any of the evil doers state specifically that this is a shell company, but when stock holders are enticed while the company is being set up for bk so that those in the inner circle can get the spectrum at a discount and leave the common in the cold--i call that a ponzi.
and when the spectrum is divided between different entities while appearing to be one unit, i call that advertised cover entity a shell.
post removed by sidslids as mr sidslids was not done typing
re: fox video "no more dead zones"
the jeff epstein interview is dated May 07, 2011 on the fox business website link, but based on what is said about "the tstr phone having its first successful uplink test LAST WEEK' suggests that the actual air date is sometime the end of july 2009 or the first week of aug 2009 as the test was done on july 20, 2009.
so 6 months later they open this ny office, which also means they researched and bid to a source probably 1-2 months prior, so i give them 4 months after launch, phone test, and then the subsequent declaration on national tv about their success and ramp up, so a guestimated 4mo later that they initiated the plan to create this "office" in ny. but then again, 4mo later does not account for the thought process that went into bidding it out in the first place. so between the july/aug 2009 fox business interview and the end of december, they must have been in the process of drawing up a plan, if not before the interview or during that time.
i want to run this out into "the family" of shareholders for a reality double check as i want to include a tiny url in my letter to mr. west to highlight the contrast between the information and tone provided to us, the common, not 6mo prior to the opening of this phony office in ny.
here is the tiny url i am using:
http://tinyurl.com/nymng7m
thanks LT.
i will have to go back and watch ray's video again as i did not pick up on when terrestar new york was first incorporated. maybe the call center should have been a 976 phone number to further fleece the shareholders with a $1.75 per minute charge every time they called to contact IR? lost opportunities for them and their fraud.
regardless, i will go back and watch ray's video again as that incorporation date i want to add to my letter(s) to mr. west. i would think he should be able to press judge lane to take on our claim.
ok. today's posts have been interesting.
my comprehension of them is not that great, but that is ok,
i will send letters.
ok:
Tony West
Assistant Attorney General, Civil Division United States Department of Justice
950 Pennsylvania Avenue, NW Washington, D.C. 20530-0001
i don't see a fax#.
is the saint saying to mail hard copies, or does this work for email?
see below...
<><><><><><><><><><><><><><><><><><><><><><><><><><><><><><>
http://www.justice.gov/contact-us.html
By E-Mail
E-mails to the Department of Justice, including the Attorney General, may be sent to AskDOJ@usdoj.gov. E-mails will be forwarded to the responsible Department of Justice component for appropriate handling.
Please note:
Before sending e-mail, please read our Privacy Policy for details about how we handle personal information.
E-mail accounts are not available for service of official, case-related or legal documents and is not monitored for such submissions or for other time-sensitive communications.
E-mails with attachments will be deleted as a precaution as they may contain viruses.
Please include your mailing address in the event that the Department replies via United States Postal Service.
also, however the "good guy crew" got this information and pieced it together is rather brilliant.
i think the answer regarding why the "evil doers" do not oppose the letter is reflected in their letter on page 9 and 10 of the most excellent video we all have watched (which i really appreciate the time that was put in to make it as well as the commentary--i have watched it 3x if anyone is tracking views).
based on pages 9 and 10, the proposition of the "evil doers" is that since the same adversarial argument has been previously presented multiple times to only be overruled or dismissed, that this is no different--that letter was dated sept 9, 2013 and in relation to something prior i believe.
i do not understand the time frame as to when "behind closed doors the debtors did not oppose and that both judge lane and our side--the good guys--were shocked by the response", paraphrased of course--i assume the timeframe to be in the last few months; but regardless of that, based on the evil doers' sept 9th letter, i would guess that the sept 9th response is also the basis or along the same line as their current rationale.
regarding providing proof that the opposition does not oppose the letter, as per the video as to what judge lane needs, i would think that the email from the opposition would be enough; that being said, the "regarding proof" statement is one part of the commentary that i did not quite understand.
i don't know, but i would think terrestar has to justify why they made the new york "office" in the time frame that they did.
based on what i read, it all sounds like a ponzi scheme with, pardon the pun, a shell game (3card monte) mixed in.
on a side note. if last night one of you guys called a 213 number from area code 786, please feel free to call again, but not so late. i think it was a wrong number, but i am just tossing that out there as it seemed curious and i can not call back.
hey, please remove my post #13586 about the 8k.
i just realized that the date on it is for 2013.
i thought it was current. it is nothing.
recap of what Stellar and KLH are all about
yahoo board:
croupier77777 • 13 hours ago Flag
1users liked this postsusers disliked this posts0Reply
Goggle it
Klh is a canadian cie, its primary listing in on the tsx.v stock exchange. Do you except the quote to be pesos ?
Do you know many retail that day trade with a credit suisse account? ..when their net position is up, they accumulate.
Finally, the price of a gram of medical grade Klh can go up to 200 000$ GRAM and Stellar is the only one that can deliver kilos
"Stellar Biotechnologies is the provider of a valuable biomedical protein known as "KLH" - which Stellar appropriately named its Canadian ticker symbol after. KLH is used as an essential carrier protein in vaccines under development for cancer, hypertension, arthritis, and other serious diseases. This protein is extremely rare in the world and commands prices as high as $200,000 per gram for medical-grade material.
KLH is a potently immunogenic (i.e. a substance that induces an immune response) high-molecular-weight protein - it's a giant molecule. It offers an ideal carrier molecule for vaccine antigens (i.e., substances that promote the generation of antibodies) against cancers and infectious agents. Don't worry if you didn't understand much of that, initially, neither did we. We will explain in more understandable terms exactly what Stellar's KLH protein is, just how rare and valuable it is, how its process works and most importantly, the opportunity for investors. " Less
Sentiment: Strong Buy
should i be worried about michael chang's ouster from optimer earlier this year? the sbotf pps says otherwise, but you tell me your views stock oracles.
you see??? this is much better.
pimppgh--how does etrade state this is going to settlement? is it in an alert? or a post attached to the ticker? i do not see anything like that on tdameritrade, and they have it set at $0 100% loss whereas prior it showed a couple cents a share.
is it shorts covering?
so if they had negotiations in dec 2012, and those negotiations result in a sale, but if they finalize the ch 11 prior to that sale, doesn't that mean civil suit? we should be entitled to a portion of those proceeds, right?
why were the post-its removed?
fyi, i have no money or income as of now. it all depends on if we prevail.
ray is a good joe.
if we prevail. i will personally fly out to the left coast and present him with a bottle of king louis.
exactly.
no sat, no sat network. the only way to be a part of that sale, if it ever happened and if at all possible to even present a case, is through a lawyer.
what are you talking about?
what is this conversation?
i am looking for a christmas surprise from dish.
i have been very good except for a couple of posts, other than that, very good.
merry christmas
but shouldn't this be a picture of scrooge?
i envision all of those lawyers being visited by the three ghosts
are you sure you want this post out there for others to see?
got it. one poster was asking about what to write, one concern is that if i posted it would result in an "astroturf" looking letter. regardless, i will honor that sentiment of ray's, for whatever reason. good luck.
Young and Clay,
Would you mind if i posted my letter to the US Trustees, not as a template, but suggested information? I am concerned about the other forces who read this board too, so i thought I had better check first.
Also, all i was wondering, in regards to the email, was if the Plum Group was ever contacted, and if so, what they suggested as far as acquiring their assessment for the U.S. market.
I am wondering as I think the best angle is to go after the fact that we, as the Common Shareholders, were not represented, nor were we as a group capable of getting a proper assessment that represented our side of the case.
ray or clay
what is your private email
i want to send an email
not a public board mssg
sidslids@yahoo.com
1.4Ghz and fracking
what is the similarity here? well, in my eyes it is that when the company does its own assessment, you get one result, but when an outside source does a focused study, as was just done in british columbia on fracking and earthquake generation, one gets a completely reversed equation. you can't trust a company to perform its own study. they will cherry pick the info, skew it to their favor, pick the info that matters to their cause, present it as the final conclusion and move on until it is countered.
mindless pablum for this board? yep, and proud of it, but i see similarities wherever i see them, and when it comes to corporate self-interest, in the case of terrestar being the main force, the creditors, then the doubt factor of the veracity of their "assessment" just shoots through the roof.
i submitted an sec thing too.
i get a "C+" only because my complaint lacks the whistleblower's requirement and kind of sucks.
regardless of whether you believe his post is or isn't copied from etrade, docket 668 pretty much states the same info in a more elaborate manner. let's hope an appeal, or multiple appeals, go through in time before the deadline.