A member of a committee helping to oversee LightSquared's restructuring said on Wednesday he believes the company's plan to subordinate the claims of its largest creditor, Dish Network Corp Chairman Charles Ergen, is fair, Reuters reported yesterday. Testifying in the U.S. Bankruptcy Court in New York, Christopher Rogers, a member of the independent special committee, said that the plan is not an attempt to punish Ergen for what LightSquared views as his surreptitious methods of acquiring debt. LightSquared filed for chapter 11 in 2012 after the Federal Communications Commission revoked its license to build a planned wireless network on concerns it could interfere with GPS systems. Ergen bought up about $1 billion worth of LightSquared's senior loan debt, despite an agreement between LightSquared and its lenders that barred competitors from acquiring the company's debt. Ergen said that he bought the debt in his personal capacity, not on behalf of Dish.
