Investor Can't Exploit Communication Co.'s $2B FCC Waiver
Law360, Wilmington (October 12, 2017, 7:50 PM EDT) -- Emergency communications specialist ShipCom LLC has the sole right to exploit a waiver from the Federal Communications Commission worth $2 billion that underpins its business, a Delaware Chancery Court found Thursday, ruling ShipCom's 80 percent owner can't monetize the waiver by itself despite its majority status.
US HF Cellular Communications LLC purchased its 80 percent stake from ShipCom founders Robert Block and Rene Stiegler III in 2012 in exchange for $5 million and unspecified "substantial pre-closing payments," according to court documents, just a few years after the FCC granted the valuable waiver to the company.
The waiver allows ShipCom to use...
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