Light Squared is sounding pretty desperate... They complain that Dish is trying to take control of the company, then they complain that Dish is playing dirty by not trying to take control of the company...
Dish Pulling Its Bid for LightSquared
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Don't confused the company with its creditors. Those are two very different interest groups (hence the differing stances related to Dish's bid).
I wish some of this crap would finally backfire on Dish and cost them lots of money.
Its nothing more than a game to Charlie Ergen
Its nothing more than a game to Charlie Ergen
You can wish in one hand and crap in the other Claude. Let me know which one gets filled first.
and I wish your store would burn down and cost you lots of money! Enough already Claude!
Me too. I got a good insurance policy
Ergen Called to Defend $1 Billion LightSquared Debt Deal http://www.bloomberg.com/news/2014-...-defend-1-billion-lightsquared-debt-deal.html
The Deal: Ergen Defends LightSquared Debt Purchases ..... Charlie Ergen testified about his much-maligned purchases of LightSquared debt at a Monday court hearing in New York http://www.thestreet.com/story/1223...ed-debt-purchases.html?puc=yahoo&cm_ven=YAHOO
I think he was correct that if people found out that Charlie Ergen was buying up the debt the price would have gone up, thinking there was a play involved.
Any way you look at it, it screams conflict of interest at best, laundering at worst, when the CEO of a company is using that company's money to pay off debt that was bought at a discount with that same person's own personal money.
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He did not do that. He bought the debt with his personal trust. Dish has withdrawn its bid. It might have been questionable if Dish was bidding high, but since Dish was the low bidder it is not too much of a conflict. You also forget that he owns a controlling interest in Dish. Dish is not like most companies where the CEO does not own a controlling interest. If you buy Dish stock you have to be aware that Ergen has controlling interest in the company and you have to go along with his whims...
So, he was just participating in the bidding to drive the price up without actually having any real chance of winning the bid, so he could get more money for his debt from another entity. Yeah, that makes it so much better.
If you had a few billion lying around and knew if you bought up some debt that you could make a great return on you money, would you honestly say you would not do it? Or is it because you are not a billionaire that you are bitter that the opportunity did not present itself to you?
Good job...when unable to bring anything to the argument table, resort to an ad hominem.
On a much smaller scale, what Charlie did is no different than an Ebay seller bidding up his own item with a different account to generate a higher sale price for his auction. I suppose you think that's ok. too.
Fund manager says doesn't recall why Ergen bought LightSquared debt http://tv.yahoo.com/news/fund-manager-says-doesn-39-t-recall-why-004557237--sector.html All of a sudden memory loss!!
Good job...when unable to bring anything to the argument table, resort to an ad hominem.
On a much smaller scale, what Charlie did is no different than an Ebay seller bidding up his own item with a different account to generate a higher sale price for his auction. I suppose you think that's ok. too.
It was not his own item, it was Lightsquared. It is not a surprise, Ergen has acquired other companies the same way. How do you think he got the current wireless spectrum he has now? He bought the debt up of companies in trouble and when they went into bankruptcy he had a controlling interest in their debt. Lightsquared is mad because the people that sold the debt to Ergen had a contractual obligation not to sell it to a competitor (Dish). Yes it was a technicality to get around the contract clause. But, this contract was between Lightsquared and its creditors, Ergen was not a party to this. Yes Ergen has controlling interest in Dish and Echostar, and he has billions of his own to play with. He was in the position that he could buy it personally but not through the company. And yes I am sure that if he ends up in control of Lightsquared he will then use his new control to void the contract provisions and sell it to Echostar or Dish for a nice little profit.
The main problem of course as it always is in bankruptcy is that the current management of the company does not want to lose control, they are the ones that got the company in this position to start with, it was not Ergen's fault. They know that Ergen will use his controlling interest in the debt to force them out, so they will do anything to prevent that and keep their cushy position.
Well... if you were a billionaire, you'd do that too.Good job...when unable to bring anything to the argument table, resort to an ad hominem.
On a much smaller scale, what Charlie did is no different than an Ebay seller bidding up his own item with a different account to generate a higher sale price for his auction. I suppose you think that's ok. too.
