TerreStar Corporation (fka TSTRQ)

[east600]

Just trying to find some info on the progress of the TSTRQ bankruptcy. This whole wireless spectrum fight is greek to me.

I did find this:

Reston, Va.-based TerreStar Networks, which is trying to build the first satellite smartphone, filed for Chapter 11 protection in Manhattan in October with a plan calling for secured noteholders such as EchoStar to swap more than $850 million in debt for nearly all the equity in a reorganized TerreStar. More junior creditors, however, would have received just pennies on the dollar, and existing equity holders would have gotten nothing.

Even with that deal canceled, the debtor-in-possession financing for TerreStar Networks will remain in place, although the company will no longer be required to meet certain "milestones" depicted in that financing agreement.

The public parent TerreStar Corp. and other affiliates filed for Chapter 11 in February, and are working on plans of reorganization separate from TerreStar Networks.

http://www.foxbusiness.com/industries/2011/03/09/judge-says-terrestars-public-parent-tapping-loan/


Terrestar is probably worth at least a billion. Analysts had already valued a Dish Network/Terrestar deal at 2.6 billion. DISH went for 1.4.

Maybe that initial bid of $850 mil was a tad low. doh.

http://www.fiercewireless.com/story/fccs-lightsquared-waiver-one-kind/2011-03-10

Lotto, baby.