Law Offices of Howard G. Smith Announces Investigation On Behalf of Shareholders of SkyTerra Communications, Inc.
BENSALEM, Pa.-(Business Wire)-September 23, 2009 - Law Offices of Howard G. Smith announces that it is investigating potential claims against the board of directors of SkyTerra Communications, Inc. (“SkyTerra” or the “Company”) (OTCBB:SKYT), related to the proposed “going-private” transaction for the Company to be acquired by a new corporation formed and indirectly wholly-owned by Harbinger Capital Partners Master Fund I, Ltd. and Harbinger Capital Partners Special Situations Fund, L.P. (collectively, “Harbinger”).
Under the terms of the definitive merger agreement entered into by the parties, the new corporation will pay $5.00 in cash for each outstanding share of SkyTerra common stock not held by Harbinger or its affiliates. Harbinger and its affiliates together hold approximately 48% of SkyTerra's outstanding voting common stock and approximately 49% of SkyTerra's voting and non-voting common stock combined. The investigation concerns possible breaches of fiduciary duty and other violations of state law related to approval of the transaction by the SkyTerra board of directors.
If you own shares of SkyTerra Communications, Inc., if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com.
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