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Covington Advises Mobile Satellite Ventures and TerreStar in $200M Financing

May 11, 2005

WASHINGTON, D.C., May 11, 2005 -  Covington & Burling advised Mobile Satellite Ventures and TerreStar Networks Inc. in connection with a recently announced private equity deal.  According to the terms of the transaction, Motient Corp., an owner of MSV, purchased $200 million of TerreStar's common stock.  After the deal, Motient Corp. will own approximately 61% of TerreStar.  Simultaneously, TerreStar, formerly a subsidiary of MSV, was spun off to form a separate company.

TerreStar and MSV are independently developing next-generation hybrid networks to offer ubiquitous wireless service throughout North America by integrating land-based towers and powerful satellites. 

The Covington team was led by David Engvall and included Kerry Burke, Lisa Green, Lee Tiedrich, Mariana Horton, Matt Del Nero and David Addis.  The MSV team was led by General Counsel Randy Segal.

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