Wireless service provider Motient Corp. has been slapped with two investor lawsuits that accuse the company’s board of directors and leading executives of using their positions to line their pockets at the expense of Motient shareholders.
The lawsuits, which Dallas fund manager Highland Capital Management LP filed recently, aim to force Motient to return $90 million from a $391 million private placement it received in April and could result in Highland taking control of the struggling Lincolnshire, Ill.-based company. “We pursued and exhausted all normal measures, to no avail,” a Highland spokesman said. “As a result we think this lawsuit is appropriate to protect all the shareholders of which we are the largest one.”
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