Hedge Fund Wireless Internet Meets Industry Resistance

New York (HedgeCo.net) – Hedge fund manager Philip Falcone’s new satellite internet venture, LightSquared, is seeing resistance from the European Space Agency.

The hedge funded project last month outlined a solution to the problem of interference with US GPS receivers, planning for the the co-existence of a variety of wireless broadband services alongside current GPS and space technologies.

“(The) plan offers a clear path for LightSquared to move forward with the launch of a nationwide wireless network that will introduce world class broadband service to rural and underserved areas which still find themselves on the wrong side of the digital divide,’’ said Sanjiv Ahuja, LightSquared Chairman and CEO.

In a move that would revolutionize the U.S. wireless industry, LightSquared would deploy an open 4G network to be used by existing and new service providers to sell their own devices, applications, and services – at a competitive cost and without retail competition from LightSquared. The deployment and operation of LightSquared’s network represent more than $14 billion of private investment over the next eight years.

A group of 30+ tech companies have filed a petition to the FCC in support of LightSquared.

“It is imperative, and in the vital interest of the country, that the FCC create an environment where LightSquared and GPS can co-exist. Indeed, crafting such a solution is consistent with the charter of the FCC, who defines its mission as promoting competition, innovation, and investment in broadband services and encouraging the highest and best use of spectrum. The U.S. has successfully integrated different technologies before, and it can and must do so again,”  the open letter to the FCC said.

Alex Akesson
Editor for HedgeCo.net
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