TerreStar Seeks Permission To Sell Assets At Auction

Law360, New York (April 18, 2011, 5:28 PM EDT) -- Satellite communications company TerreStar Networks Inc. asked a New York bankruptcy court Friday for permission to sell its assets at auction now that its primary suitor, EchoStar Corp., dropped a bid to buy the bankrupt company. 

TerreStar said Dish Network Corp.’s $1.4 billion takeover of bankrupt mobile satellite provider DBSD North America Inc. in March would provide a key example for determining the value of its own assets.

“The final Dish bid was the product of a highly competitive auction process that increased the purchase by...
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