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LightSquared Says Ergen Debt Purchases Invalidate Lender Deal

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LightSquared said that satellite mogul Charlie Ergen has been "gaming" his recent purchases of hundreds of millions of dollars of the company's debt in an effort to seize control of the wireless company's bankruptcy case, Dow Jones Daily Bankruptcy Review reported today. In a partially redacted court filing on Monday, lawyers for LightSquared, which is controlled by Phil Falcone's Harbinger Capital Partners, asked a bankruptcy judge to release it from the terms of a settlement it struck with its lenders.