Lenders Say LightSquared's Auction Plans May Kill $2.2B Bid

Law360, New York (September 18, 2013, 3:31 PM EDT) -- LightSquared Inc. lenders on Wednesday objected to the bankrupt wireless startup's proposed procedures for its upcoming auction of a subsidiary's assets, arguing the plan by the Philip Falcone-controlled company may doom a $2.2 billion bid from an entity owned by Dish Network Corp. Chairman Charlie Ergen.

The group of lenders, including UBS AG and the Capital Group Cos. Inc., say if the court grants LightSquared's move to offer bid protections to currently nonexistent stalking horse bidders while rejecting the same protections for the bid from L-Band...
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