Harbinger, SkyTerra amend agreement; SkyTerra will not swap shares for TVCC interests

By Lisa Kerner

Charlotte, N.C., Aug. 25 - SkyTerra Communications, Inc. investors the Harbinger Funds entered into a letter agreement on Aug. 22 with the company, Mobile Satellite Ventures Subsidiary LLC and Mobile Satellite Ventures LP to amend their July master contribution and support agreement.

A copy of the agreement letter was included in a schedule 13D filed with the Securities and Exchange Commission.

According to the filing, references to TVCC, including the transfer of all the TVCC LLC interests from Harbinger to SkyTerra in exchange for shares of voting common stock, will be deleted.

As consideration for the amendment to the agreement, SkyTerra will issue to Harbinger 10.3 million fully paid, non-assessable shares of voting common stock.

The definition of the registrable shares in the registration rights agreement will be amended to include the shares of voting common stock to be issued to Harbinger.

SkyTerra is the parent company of Mobile Satellite Ventures, a Reston, Va.-based satellite company. Harbinger has a 61.8% ownership interest in SkyTerra.

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