LightSquared Lenders Seek Right To Pursue Harbinger Claims

Law360, New York (September 18, 2012, 5:37 PM EDT) -- A group of LightSquared LP lenders sought authority Saturday to prosecute claims on behalf of LightSquared Inc.'s estate against parties to a $264 million loan, saying the debtors are “completely conflicted” and won't pursue claims against controlling insider Harbinger Capital Partners LLC.

The ad hoc secured group of lenders to the LP operating company unit asked U.S. Bankruptcy Judge Shelley C. Chapman for authority to prosecute and settle claims on behalf of the debtors' estates against nondebtor parties to the credit agreement, which it says was...
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