Both AT&T (NYSE: T) and satellite vendor Space Systems Loral have filed objections to a plan that would allows satellite smartphone service provider Terrestar (OTC: TSTRQ.PK) to emerge from bankruptcy via an acquisition by satellite TV company Dish Network (Nasdaq: DISH). The objections come after no one else appeared interested in acquiring Terrestar.
Dish last month bid more than $1.3 billion for Terrestar, a deal that would result in creditor Space Systems Loral being paid only about $5.6 million of the $43 million it claims to be owed by Terrestar. The Terrestar deal is the latest move in Dish's ongoing spectrum grab.
- see this Reuters story
Dish last month was the only qualified bidder for Terrestar
What's the motive behind Dish's recent spectrum binge?