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Charles Ergen

Ergen says LightSquared could be worth $8.9 billion

Dish Network Corp Chairman Charles Ergen, the largest creditor of bankrupt wireless company LightSquared, said on Wednesday he believed LightSquared could be worth as much as $8.9 billion if it gained regulatory approval of its planned wireless network.Testifying in U.S. Bankruptcy Court in New York, Ergen faced tough questions from LightSquared lenders who believe he had visions of effecting a Dish takeover at a lowball price. But Ergen said both he and Dish believed the company was worth a lot of money, and that Dish has gone forward with a $2.2 billion bid proposed last year, if not for a technical issue that forced it to walk away.LightSquared, owned by Phil Falcone's Harbinger Capital Partners, went bankrupt in 2012, when the Federal Communications Commission revoked its license to operate spectrum out of concern it could interfere with GPS systems. Ergen then acquired about $1 billion of the company's senior loan debt, giving him a controlling stake in LightSquared's capital stru...

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