Harbinger Capital Partners Statement on the Federal Communications Commission Decision to Permit the Transfer of Control of SkyTerra

26 March 2010

Harbinger Capital Partners released the following statement after the Federal Communications Commission announced its decision to authorize the transfer of control of SkyTerra to HCP.

HCP applauds today's decision by the Federal Communications Commission to permit the transfer of control of SkyTerra to HCP.  With the grant of this application, Harbinger, subject to consummation of the merger, will be able to use SkyTerra's spectrum in concert with Harbinger's other investments in radio frequencies to implement an open next generation terrestrial network and mobile satellite system.  In releasing the National Broadband Plan, the FCC stated that one of its important goals was to "design policies to ensure robust competition and, as a result, maximize consumer welfare, innovation and investment."  This decision by the FCC should be viewed as a first step in realizing that goal.  

Philip Falcone, Chief Executive Officer of HCP said that, "The FCC's broadband policies have given us the confidence to make a series of investments that will bring new competition and innovation to all Americans.  This announcement by the FCC sets the stage for the launch of our business plan whose objective is nothing less than to revolutionize how Americans use and experience wireless communications in the 21st century." 

"I commend Chairman Genachowski for his vision and courage in promoting policies that encourage the financial community to participate in achieving national broadband goals.  I particularly appreciate the efforts of the staffs of the International Bureau, the Wireless Telecommunications Bureau, the Office of General Counsel, and the Office of Strategic Planning & Policy – the FCC team who worked with us on the SkyTerra application - for their commitment and dedication. We appreciate and thank the FCC for permitting us to move forward without delay."