[Satellite Today 05-11-09] TerreStar reported a decrease in net cash used in and provided by investing activities by $3.4 million compared $46.3 million and $500,000 compared to $207 million, respectively, according to its first quarter financial results released May 7.
    The decreases were attributable to the proceeds of $76.4 million from the sale of SkyTerra shares received in 2008 and a decrease in debt proceeds in the amount of $208.9 million.
    As of March, TerreStar said it had contractual obligations of $181.1 million due within a year, consisting of about $130.1 million related to its satellite system, $46.0 million related to its handset, chipset, and terrestrial network, and $5.0 million for its operating leases.
    TerreStar said it expects to spend approximately $28 million in satellite launch insurance for its TerreStar-1 satellite.
    TerreStar Europe recently filed an application for the award of S-band spectrum in Europe. The company said that if it wins the spectrum awards, it would need additional funds in         TerreStar Global for satellite construction and terrestrial ground network development.