LightSquared Inc. said that it will ask a judge not to count a “no” vote on its bankruptcy reorganization plan cast by a fund controlled by Dish Network Corp. Chairman Charles Ergen, saying that the fund acted in bad faith, Bloomberg News reported yesterday. The fund, SP Special Opportunities LLP, owns $1 billion of debt in LightSquared, the wireless broadband company controlled by Philip Falcone’s Harbinger Capital Partners LLC. LightSquared has accused Ergen of secretly accumulating the debt so he can buy the company’s airwaves for a below-market price through bankruptcy. Bankruptcy Judge Shelley Chapman on Feb. 24 approved the terms of a reorganization plan, which was then sent to creditors for a vote. The plan values LightSquared at $7.7 billion and doesn’t hinge on regulatory approval for airwaves that are its main asset. A denial of such approval pushed the company into bankruptcy in 2012.
