LightSquared Judge Says Dish Properly Dropped $2.2B Bid

Law360, New York (January 22, 2014, 3:48 PM EST) -- A New York bankruptcy judge said Wednesday that a Dish Network Corp. unit properly withdrew its $2.2 billion offer to buy LightSquared Inc. spectrum assets despite arguments from secured lenders that the bid was irrevocable.

U.S. Bankruptcy Judge Shelley C. Chapman gave her “tentative view” Wednesday in a hearing that frequently devolved into confusion and frustration among attorneys for the Dish unit, the ad hoc group of secured lenders to a LightSquared subsidiary, LightSquared and LightSquared’s special committee. The judge spent much of the hearing attempting...
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