US Bank Blasts Creditors Over TerreStar FCC Licenses

Law360, New York (March 28, 2011, 3:42 PM EDT) -- U.S. Bank NA on Friday blasted an attempt by TerreStar Networks Inc.'s unsecured creditors and Sprint Nextel Corp. to void the bank’s approximately $1.5 billion in liens against one of the debtor’s satellites in New York bankruptcy court.

In a cross-motion for summary judgment filed in the U.S. Bankruptcy Court for the Southern District of New York, U.S. Bank called the unsecured creditors' complaint a last-ditch effort by parties that “have little hope to recover on their unsecured claims.”

“Thus, they commenced this action in an...
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