TerreStar Cleared To Sell Assets At Auction

Law360, New York (May 4, 2011, 5:55 PM EDT) -- A New York bankruptcy judge on Wednesday approved TerreStar Networks Inc.'s plan to sell its assets at auction after primary suitor EchoStar Corp. dropped a bid to buy the bankrupt satellite communications company.

U.S. Bankruptcy Judge Sean H. Lane signed off on Reston, Va.-based TerreStar's auction plan, which calls for the auction to be held on June 15 and sets a June 8 deadline for bids, according to TerreStar attorney Ira Dizengoff of Akin Gump Strauss Hauer & Feld LLP.

In its April motion outlining the...
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