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Falcone’s Hedge Fund Project To Support Hurricane Irene Relief

New York (HedgeCo.net) – Billionaire hedge fund manager Philip Falcone’s new satellite internet venture, LightSquared, and mobile satellite communications provider, Inmarsat, announced that they have coordinated resources to ensure that emergency services customers have reliable access to essential satellite communications to support their Hurricane Irene relief efforts.

“Given the tremendous impact Hurricane Irene has had on the east coast of the United States, it is vital that first responders have unfettered access to reliable communications,” said Sanjiv Ahuja, chairman and chief executive officer of LightSquared. “LightSquared, working with Inmarsat, is committed to ensuring that those on the front lines of this national emergency have seamless connectivity with one another.”

“During emergencies such as Hurricane Irene, reliable satellite communications is essential for emergency responders and government agencies,” said Andrew Sukawaty, chairman and chief executive officer of Inmarsat. “Together with LightSquared we have moved rapidly to ensure that we have sufficient capacity to support emergency management agencies and first responders.”

The deployment and operation of LightSquared’s network represent more than $14 billion of private investment over the next eight years. For the year ended 31 December 2010, Inmarsat plc had total revenue of $1,171.6 million.

Alex Akesson
Editor for HedgeCo.net
alex@hedgeco.net
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