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-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Ax0N9X1VkSJQuH2RzjwMRLM1KvzJRLSwRbC2apEW0BqcylDJOASahWAIWowa+fqM D3OcoRTIOfQG4xgGUFVs5Q== <SEC-DOCUMENT>0000950134-06-011006.txt : 20060602 <SEC-HEADER>0000950134-06-011006.hdr.sgml : 20060602 <ACCEPTANCE-DATETIME>20060602162634 ACCESSION NUMBER: 0000950134-06-011006 CONFORMED SUBMISSION TYPE: DFAN14A PUBLIC DOCUMENT COUNT: 20 FILED AS OF DATE: 20060602 DATE AS OF CHANGE: 20060602 EFFECTIVENESS DATE: 20060602 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: MOTIENT CORP CENTRAL INDEX KEY: 0000913665 STANDARD INDUSTRIAL CLASSIFICATION: COMMUNICATION SERVICES, NEC [4899] IRS NUMBER: 930976127 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DFAN14A SEC ACT: 1934 Act SEC FILE NUMBER: 000-23044 FILM NUMBER: 06883602 BUSINESS ADDRESS: STREET 1: 300 KNIGHTSBRIDGE, PKY. CITY: LINCOLNSHIRE STATE: IL ZIP: 60069 BUSINESS PHONE: 8474784200 MAIL ADDRESS: STREET 1: 300 KNIGHTSBRIDGE, PKY. CITY: LINCOLNSHIRE STATE: IL ZIP: 60069 FORMER COMPANY: FORMER CONFORMED NAME: AMERICAN MOBILE SATELLITE CORP DATE OF NAME CHANGE: 19931019 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: HIGHLAND CAPITAL MANAGEMENT LP CENTRAL INDEX KEY: 0001167365 IRS NUMBER: 752716725 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DFAN14A BUSINESS ADDRESS: STREET 1: 13455 NOEL ROAD STE 1300 CITY: DALLAS STATE: TX ZIP: 75240 BUSINESS PHONE: 9726284100 MAIL ADDRESS: STREET 1: 13455 NOEL ROAD STE 1300 CITY: DALLAS STATE: TX ZIP: 75240 </SEC-HEADER> <DOCUMENT> <TYPE>DFAN14A <SEQUENCE>1 <FILENAME>d36732dfan14a.htm <DESCRIPTION>SCHEDULE 14A STATEMENT FILED BY NON-MANAGEMENT <TEXT> <HTML> <HEAD> <TITLE>dfan14a</TITLE> </HEAD> <BODY bgcolor="#FFFFFF"> <!-- PAGEBREAK --> <H5 align="left" style="page-break-before:always"> </H5><P> <DIV style="font-family: Helvetica,Arial,sans-serif"> <DIV align="center"> <TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%"> <!-- Begin Table Head --> <TR valign="bottom"> <TD width="60%"> </TD> <TD width="2%"> </TD> <TD width="30%"> </TD> </TR> <!-- End Table Head --> <!-- Begin Table Body --> <TR valign="bottom"> <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD> <TD> </TD> <TD align="center" valign="top" style=" border-left: 1px solid #000000; border-top: 1px solid #000000; border-right: 1px solid #000000">OMB APPROVAL</TD> </TR> <TR style="font-size: 1px"> <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD> <TD> </TD> <TD align="center" valign="top" style=" border-left: 1px solid #000000; border-top: 1px solid #000000; border-right: 1px solid #000000"> </TD> </TR> <TR valign="bottom"> <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD> <TD> </TD> <TD align="center" valign="top" style=" border-left: 1px solid #000000; border-right: 1px solid #000000">OMB Number: 3235-0059</TD> </TR> <TR valign="bottom"> <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD> <TD> </TD> <TD align="center" valign="top" style=" border-left: 1px solid #000000; border-right: 1px solid #000000">Expires: January 31, 2008</TD> </TR> <TR valign="bottom"> <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD> <TD> </TD> <TD align="center" valign="top" style=" border-left: 1px solid #000000; border-right: 1px solid #000000; border-bottom: 1px solid #000000">Estimated average burden hours per response ... 14.</TD> </TR> <!-- End Table Body --> </TABLE> </DIV> <DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES SECURITIES AND EXCHANGE COMMISSION</B> </DIV> <DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C. 20549</B> </DIV> <DIV align="center" style="font-size: 18pt; margin-top: 18pt"><B>SCHEDULE 14A</B> </DIV> <DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>Proxy Statement Pursuant to Section 14(a) of the Securities<BR> Exchange Act of 1934</B></DIV> <DIV align="center"> <TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%"> <!-- Begin Table Head --> <TR valign="bottom"> <TD width="40%"> </TD> <TD width="2%"> </TD> <TD width="2%"> </TD> <TD width="2%"> </TD> <TD width="54%"> </TD> </TR> <!-- End Table Head --> <!-- Begin Table Body --> <TR valign="bottom"> <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Filed by the Registrant: </DIV></TD> <TD> </TD> <TD align="left" valign="top"><FONT face="Wingdings">o</FONT> </TD> <TD> </TD> <TD align="left" valign="top"> </TD> </TR> <TR valign="bottom"> <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Filed by a Party other than the Registrant </DIV></TD> <TD> </TD> <TD align="left" valign="top"><FONT face="Wingdings">þ</FONT></TD> <TD> </TD> <TD align="left" valign="top"> </TD> </TR> <!-- End Table Body --> </TABLE> </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box: </DIV> <DIV align="left" style="margin-top: 12pt"> <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000"> <TR> <TD width="3%"></TD> <TD width="1%"></TD> <TD></TD> </TR> <TR valign="top"> <TD nowrap align="left"><FONT face="Wingdings">o</FONT></TD> <TD> </TD> <TD>Preliminary Proxy Statement</TD> </TR> </TABLE> </DIV> <DIV align="left" style="margin-top: 0pt"> <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000"> <TR> <TD width="3%"></TD> <TD width="1%"></TD> <TD></TD> </TR> <TR valign="top"> <TD nowrap align="left"><FONT face="Wingdings">o</FONT></TD> <TD> </TD> <TD><B>Confidential, for use of the Commission only (as permitted by Rule 14a-6(e)(2))</B></TD> </TR> </TABLE> </DIV> <DIV align="left" style="margin-top: 0pt"> <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000"> <TR> <TD width="3%"></TD> <TD width="1%"></TD> <TD></TD> </TR> <TR valign="top"> <TD nowrap align="left"><FONT face="Wingdings">o</FONT></TD> <TD> </TD> <TD>Definitive Proxy Statement</TD> </TR> </TABLE> </DIV> <DIV align="left" style="margin-top: 0pt"> <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000"> <TR> <TD width="3%"></TD> <TD width="1%"></TD> <TD></TD> </TR> <TR valign="top"> <TD nowrap align="left"><FONT face="Wingdings">o</FONT></TD> <TD> </TD> <TD>Definitive Additional Materials</TD> </TR> </TABLE> </DIV> <DIV align="left" style="margin-top: 0pt"> <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000"> <TR> <TD width="3%"></TD> <TD width="1%"></TD> <TD></TD> </TR> <TR valign="top"> <TD nowrap align="left"><FONT face="Wingdings">þ</FONT></TD> <TD> </TD> <TD>Soliciting Material Pursuant to Rule 14a-12</TD> </TR> </TABLE> </DIV> <DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>Motient Corporation</B> </DIV> <DIV align="center" style="font-size: 10pt">(Name of Registrant as Specified in Its Charter)</DIV> <DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Highland Capital Management, L.P.</B><BR> (Name of Person(s) Filing Proxy Statement, if other than the Registrant)</DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt">Payment of Filing Fee (Check the appropriate box): </DIV> <DIV align="left" style="margin-top: 12pt"> <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000"> <TR> <TD width="3%"></TD> <TD width="1%"></TD> <TD></TD> </TR> <TR valign="top"> <TD nowrap align="left"><FONT face="Wingdings">þ</FONT></TD> <TD> </TD> <TD>No fee required.</TD> </TR> </TABLE> </DIV> <DIV align="left" style="margin-top: 0pt"> <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000"> <TR> <TD width="3%"></TD> <TD width="1%"></TD> <TD></TD> </TR> <TR valign="top"> <TD nowrap align="left"><FONT face="Wingdings">o</FONT></TD> <TD> </TD> <TD>Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</TD> </TR> </TABLE> </DIV> <DIV style="margin-top: 6pt"> <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt"> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <TD width="4%" style="background: transparent"> </TD> <TD width="3%" nowrap align="left">1)</TD> <TD width="1%"> </TD> <TD>Title of each class of securities to which transaction applies:</TD> </TR> <TR> <TD style="font-size: 6pt"> </TD> </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <TD width="4%" style="background: transparent"> </TD> <TD width="3%" nowrap align="left">2)</TD> <TD width="1%"> </TD> <TD>Aggregate number of securities to which transaction applies:</TD> </TR> <TR> <TD style="font-size: 6pt"> </TD> </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <TD width="4%" style="background: transparent"> </TD> <TD width="3%" nowrap align="left">3)</TD> <TD width="1%"> </TD> <TD>Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):</TD> </TR> <TR> <TD style="font-size: 6pt"> </TD> </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <TD width="4%" style="background: transparent"> </TD> <TD width="3%" nowrap align="left">4)</TD> <TD width="1%"> </TD> <TD>Proposed maximum aggregate value of transaction:</TD> </TR> <TR> <TD style="font-size: 6pt"> </TD> </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <TD width="4%" style="background: transparent"> </TD> <TD width="3%" nowrap align="left">5)</TD> <TD width="1%"> </TD> <TD>Total fee paid:</TD> </TR> <TR> <TD style="font-size: 6pt"> </TD> </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <TD width="4%" style="background: transparent"> </TD> <TD width="3%" nowrap align="left"><FONT face="Wingdings">o</FONT> </TD> <TD width="1%"> </TD> <TD>Fee paid previously with preliminary materials.</TD> </TR> <TR> <TD style="font-size: 6pt"> </TD> </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <TD width="4%" style="background: transparent"> </TD> <TD width="3%" nowrap align="left"><FONT face="Wingdings">o</FONT> </TD> <TD width="1%"> </TD> <TD> Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.</TD> </TR> <TR> <TD style="font-size: 6pt"> </TD> </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <TD width="4%" style="background: transparent"> </TD> <TD width="3%" nowrap align="left">1)</TD> <TD width="1%"> </TD> <TD>Amount Previously Paid:</TD> </TR> <TR> <TD style="font-size: 6pt"> </TD> </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <TD width="4%" style="background: transparent"> </TD> <TD width="3%" nowrap align="left">2)</TD> <TD width="1%"> </TD> <TD>Form, Schedule or Registration Statement No.:</TD> </TR> <TR> <TD style="font-size: 6pt"> </TD> </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <TD width="4%" style="background: transparent"> </TD> <TD width="3%" nowrap align="left">3)</TD> <TD width="1%"> </TD> <TD>Filing Party:</TD> </TR> <TR> <TD style="font-size: 6pt"> </TD> </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <TD width="4%" style="background: transparent"> </TD> <TD width="3%" nowrap align="left">4)</TD> <TD width="1%"> </TD> <TD>Date Filed:</TD> </TR> </TABLE> </DIV> <DIV align="center"> <TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%"> <!-- Begin Table Head --> <TR valign="bottom"> <TD width="10%"> </TD> <TD width="4%"> </TD> <TD width="86%"> </TD> </TR> <!-- End Table Head --> <!-- Begin Table Body --> <TR valign="bottom"> <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">SEC 1913(04-05) </DIV></TD> <TD> </TD> <TD align="left" valign="top"><B>Persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.</B></TD> </TR> <!-- End Table Body --> </TABLE> </DIV> <P align="center" style="font-size: 10pt"> </DIV> <!-- PAGEBREAK --> <P><HR noshade><P> <H5 align="left" style="page-break-before:always"> </H5><P> <DIV style="font-family: Helvetica,Arial,sans-serif"> <DIV align="left" style="font-size: 10pt; margin-top: 6pt"> On June 2, 2006, Highland Capital Management, L.P. (“Highland”) issued a press release regarding the filing on the same date of a preliminary proxy statement to replace the board of directors of Motient Corporation (the “Company”). A copy of the press release is attached hereto as Exhibit 2. </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Also on June 2, 2006, Highland disseminated certain information and materials regarding its proxy solicitation on an Internet website (<U>www.ABetterMotient.com</U>), which information and materials are attached hereto as Exhibit 3. </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt"> HIGHLAND STRONGLY ADVISES ALL SECURITY HOLDERS OF THE COMPANY TO READ ITS PROXY STATEMENT WHEN AND IF IT BECOMES AVAILABLE, AS IT WILL CONTAIN IMPORTANT INFORMATION, INCLUDING INFORMATION RELATING TO THE PARTICIPANTS IN ANY SUCH PROXY SOLICITATION. INVESTORS CAN GET THE PROXY STATEMENT, AND ANY OTHER RELEVANT DOCUMENTS, WHEN AND IF AVAILABLE, FOR FREE AT THE SECURITIES AND EXCHANGE COMMISSION’S WEB SITE AT <U>HTTP://WWW.SEC.GOV</U>. IN ADDITION, ANY SUCH PROXY STATEMENT, AND ANY OTHER RELEVANT DOCUMENTS, WHEN AND IF AVAILABLE, WILL BE AVAILABLE FOR FREE FROM THE PARTICIPANTS BY CONTACTING HIGHLAND’S SOLICITOR, MACKENZIE PARTNERS, INC., AT ITS TOLL-FREE NUMBER: (800) 322-2885, OR BY COLLECT CALL AT (212) 929-5550. </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt"> INFORMATION CONCERNING THE IDENTITY OF THE POTENTIAL PARTICIPANTS IN ANY SUCH POTENTIAL PROXY SOLICITATION AND A DESCRIPTION OF THEIR DIRECT OR INDIRECT INTERESTS, BY SECURITY HOLDINGS OR OTHERWISE, IS CONTAINED IN EXHIBIT 1 HERETO. Security holders of the Company can also obtain information concerning the identity of the potential participants in any such potential proxy or consent solicitation and a description of their direct or indirect interests, by security holdings or otherwise, for free by contacting Highland’s solicitor, MacKenzie Partners, Inc., at its toll-free number: (800) 322-2885, or by collect call at (212) 929-5550. </DIV> <P align="center" style="font-size: 10pt">2 </DIV> </BODY> </HTML> </TEXT> </DOCUMENT> <DOCUMENT> <TYPE>EX-99.(1) <SEQUENCE>2 <FILENAME>d36732exv99wx1y.htm <DESCRIPTION>POTENTIAL PARTICIPANTS <TEXT> <HTML> <HEAD> <TITLE>exv99wx1y</TITLE> </HEAD> <BODY bgcolor="#FFFFFF"> <!-- PAGEBREAK --> <H5 align="left" style="page-break-before:always"> </H5><P> <DIV style="font-family: Helvetica,Arial,sans-serif"> <DIV align="right" style="font-size: 10pt; margin-top: 12pt">EXHIBIT 1 </DIV> <DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>POTENTIAL PARTICIPANTS</B> </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The potential participants in any potential proxy or consent solicitation (the “Participants”) may include, and/or may be deemed to include, the following: Highland Capital Management, L.P. (“Highland”); Highland Capital Management Services, Inc. (“HCMS”); Highland Crusader Offshore Partners, L.P. (“Crusader”); Highland Crusader Fund GP, L.P. (“Crusader Fund GP”); Highland Crusader GP, LLC (“Crusader GP”); Highland Equity Focus Fund, L.P. (“HEFF”); Highland Equity Focus Fund GP, L.P. (“HEFF Fund GP”); Highland Equity Focus GP, LLC (“HEFF GP”); Highland Legacy Limited (“Legacy”); Highland Select Equity Fund, L.P. (“HSEF”); Highland Select Equity Fund GP, L.P. (“HSEF Fund GP”); Highland Select Equity GP, LLC (“HSEF GP”); PAMCO Cayman, Limited (“PAMCO”); Prospect Street High Income Portfolio, Inc. (“PSH”); Prospect Street Income Shares Inc. (“PSI”); Strand Advisors, Inc. (“Strand”); James D. Dondero (together with Highland, HCMS, Crusader, Crusader Fund GP, Crusader GP, HEFF, HEFF Fund GP, HEFF GP, Legacy, HSEF, HSEF Fund GP, HSEF GP, PAMCO, PSH, PSI, and Strand, the “Highland Parties” and each, a “Highland Party”); Charles Maynard; John J. Ray III; Steven S. Turoff; George A. Overstreet Jr.; Jeffrey E. Ginsberg; Eugene E. Sekulow; David R. Van Valkenburg; and Niles K. Chura (together with Messrs. Maynard, Ray III, Turoff, Overstreet Jr., Ginsberg, Sekulow, Van Valkenburg and Chura, the “Nominees” and each, a “Nominee”). </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Highland is a Delaware limited partnership and a registered investment adviser principally engaged in the business of acting as investment adviser to various entities, including Crusader, Legacy, PAMCO, PSH, and PSI. Pursuant to management agreements, Highland exercises all voting and dispositive power with respect to securities held by Crusader, HEFF, Legacy, HSEF, and PAMCO. Strand is a Delaware corporation principally engaged in the business of serving as the general partner of Highland. Strand is wholly owned by Mr. Dondero. Mr. Dondero is a citizen of the United States principally engaged in the business of serving as the President and a director of Strand. Mr. Dondero was a director of Motient Corporation (the “Company”). Mr. Dondero resigned as a director of the Company, effective as of February 14, 2006. </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt"> HCMS is a Delaware corporation principally engaged in the business of purchasing, holding and selling securities for investment purposes. </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Crusader is a Bermuda exempted limited partnership principally engaged in the business of purchasing, holding and selling securities for investment purposes. Crusader Fund GP is a Delaware limited partnership principally engaged in the business of serving as the general partner of Crusader. Crusader GP is a Delaware limited liability company principally engaged in the business of serving as the general partner of Crusader Fund GP. Crusader GP is wholly owned by Highland. </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt"> HEFF is a Delaware limited partnership principally engaged in the business of purchasing, holding and selling securities for investment purposes. HEFF Fund GP is a Delaware limited partnership principally engaged in the business of serving as the general partner of HEFF. HEFF GP is a Delaware limited liability company principally engaged in the business of serving as the general partner of HEFF Fund GP. HEFF GP is wholly owned by Highland. </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Legacy is a Cayman Islands exempted limited liability company principally engaged in the business of purchasing, holding and selling securities for investment purposes. </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt"> HSEF is a Delaware limited partnership principally engaged in the business of purchasing, holding and selling securities for investment purposes. HSEF Fund GP is a Delaware limited partnership principally engaged in the business of serving as the general partner of HSEF. HSEF GP is a Delaware limited liability company principally engaged in the business of serving as the general partner of HSEF Fund GP. HSEF GP is wholly owned by Highland. </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt"> PAMCO is a Cayman Islands exempted limited liability company principally engaged in the business of purchasing, holding and selling securities for investment purposes. </DIV> <P align="center" style="font-size: 10pt"> </DIV> <!-- PAGEBREAK --> <P><HR noshade><P> <H5 align="left" style="page-break-before:always"> </H5><P> <DIV style="font-family: Helvetica,Arial,sans-serif"> <DIV align="left" style="font-size: 10pt; margin-top: 6pt"> PSH is a Maryland corporation and closed-end mutual fund registered under the Investment Company Act of 1940 principally engaged in the business of purchasing, holding and selling securities for investment purposes. </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt"> PSI is a Maryland corporation and closed-end mutual fund registered under the Investment Company Act of 1940 principally engaged in the business of purchasing, holding and selling securities for investment purposes. </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Certain of the Participants hold direct or indirect interests in the Company as follows: PSH owns 1,155,224 shares of common stock; PSI owns 111,940 shares of common stock; Legacy owns 223,880 shares of common stock; PAMCO owns 223,880 shares of common stock; HSEF owns 119,283 shares of common stock (including 10,939 shares that may be acquired upon exercise of outstanding warrants); HEFF owns 1,518,779 shares of common stock (including 164,089 shares that may be acquired upon exercise of outstanding warrants and 54,545 shares that may be acquired upon conversion of outstanding preferred stock); HCMS owns 182,748 shares of common stock (all of which may be acquired upon conversion of outstanding preferred stock); Crusader owns 5,352,497 shares of common stock (including 912,514 shares that may be acquired upon exercise of outstanding warrants and 2,345,694 shares that may be acquired upon conversion of outstanding preferred stock); Highland owns 117,281 shares of common stock (all of which may be acquired upon conversion of outstanding preferred stock); and James D. Dondero owns 18,814 shares of common stock. Highland and Strand (which serves as the general partner of Highland) may be deemed to beneficially own 8,822,764 shares of common stock. James D. Dondero, who serves as the sole director of Strand, may be deemed to beneficially own 9,024,326 shares of common stock. Crusader Fund GP (which serves as the general partner of Crusader) and Crusader GP (which serves as the general partner of Crusader Fund GP) may be deemed to beneficially own 5,352,497 shares of common stock (including 912,514 shares that may be acquired upon exercise of outstanding warrants and 2,345,694 shares that may be acquired upon conversion of outstanding preferred stock). HEFF Fund GP (which serves as the general partner of HEFF) and HEFF GP (which serves as the general partner of HEFF Fund GP) may be deemed to beneficially own 1,518,779 shares of common stock (including 164,089 shares that may be acquired upon exercise of outstanding warrants and 54,545 shares that may be acquired upon conversion of outstanding preferred stock). HSEF Fund GP (which serves as the general partner of HSEF) and HSEF GP (which serves as the general partner of HSEF Fund GP) may be deemed to beneficially own 119,283 shares of common stock (including 10,939 shares that may be acquired upon exercise of outstanding warrants). </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Niles K. Chura is an employee, officer, and/or director of one or more of the Highland Parties. Mr. Chura may participate in soliciting proxies from security holders of the Company in any potential proxy or consent solicitation. Mr. Chura does not beneficially own any interest in any securities of the Company and would not be expected to receive any special compensation in connection with any such solicitation. </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Except as otherwise disclosed herein, Charles Maynard, John J. Ray III, Steven S. Turoff, George A. Overstreet Jr., Jeffrey E. Ginsberg, Eugene E. Sekulow, David R. Van Valkenburg, and Niles K. Chura have no direct or indirect interests, by security holdings or otherwise, required to be disclosed herein, except each such person’s interest in being nominated and elected as a director of the Company. </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt"> In addition, the Highland Parties and the Nominees and certain of their respective affiliates may each be deemed to be a member of a “group” (within the meaning of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended), which group beneficially owns 9,024,326 shares of common stock (including shares that may be acquired upon exercise of outstanding warrants and shares that may be acquired upon conversion of outstanding preferred stock), representing approximately 14.4% of the shares of common stock outstanding as of the date hereof. However, neither this filing nor anything contained herein shall be construed as an admission that any Highland Party or any Nominee is, for any purpose, the beneficial owner of any securities covered by this filing, except as otherwise provided herein. </DIV> <P align="center" style="font-size: 10pt"> </DIV> </BODY> </HTML> </TEXT> </DOCUMENT> <DOCUMENT> <TYPE>EX-99.(2) <SEQUENCE>3 <FILENAME>d36732exv99wx2y.htm <DESCRIPTION>PRESS RELEASE <TEXT> <HTML> <HEAD> <TITLE>exv99wx2y</TITLE> </HEAD> <BODY bgcolor="#FFFFFF"> <!-- PAGEBREAK --> <H5 align="left" style="page-break-before:always"> </H5><P> <DIV style="font-family: 'Times New Roman',Times,serif"> <DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit 2</B> </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="d36732d3673290.gif" alt="(HIGHLAND CAPITAL LOGO)"> </DIV> <DIV align="center"> <TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%"> <!-- Begin Table Head --> <TR valign="bottom"> <TD width="44%"> </TD> <TD width="8%"> </TD> <TD width="44%"> </TD> </TR> <!-- End Table Head --> <!-- Begin Table Body --> <TR valign="bottom"> <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Investor Contact:</I> </DIV></TD> <TD> </TD> <TD align="left" valign="top"><I>Media Contact:</I></TD> </TR> <TR valign="bottom"> <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Larry Dennedy/Bob Sandhu </DIV></TD> <TD> </TD> <TD align="left" valign="top">Denise DesChenes/Kara Findlay</TD> </TR> <TR valign="bottom"> <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">MacKenzie Partners, Inc. </DIV></TD> <TD> </TD> <TD align="left" valign="top">Citigate Sard Verbinnen</TD> </TR> <TR valign="bottom"> <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(212) 929-5500 </DIV></TD> <TD> </TD> <TD align="left" valign="top">(212) 687-8080</TD> </TR> <!-- End Table Body --> </TABLE> </DIV> <DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>HIGHLAND CAPITAL FILES PRELIMINARY PROXY STATEMENT<BR> TO REPLACE BOARD OF DIRECTORS OF MOTIENT CORPORATION</B> </DIV> <DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Proposes Eight Highly Qualified Nominees; Increasing Size of Board</B> </DIV> <DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Also Asks Stockholders to Reject Motient’s Excessive Director Compensation Plan</B> </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt"> <B>DALLAS, TX, June 2, 2006 — </B>Highland Capital Management, L.P. today filed its preliminary proxy statement with the Securities and Exchange Commission in connection with its planned solicitation of proxies for the Motient Corporation (PINK: MNCP) 2006 Annual Meeting of Stockholders. Highland Capital is Motient’s largest stockholder, beneficially owning approximately 14.3% of its outstanding common stock. While Motient has not yet announced the date of its 2006 Annual Meeting of Stockholders, the company has agreed, pursuant to a scheduling order with the Delaware court, to hold the meeting on July 12, 2006. </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Highland is seeking support from its fellow Motient stockholders to elect eight highly qualified and independent nominees to replace Motient’s Board of Directors. Highland is also seeking stockholder support to increase the size of Motient’s Board to eight members and to reject: 1) the ratification of the reappointment of Friedman LLP as Motient’s independent auditor, and 2) the proposed 2006 Motient Corporation Equity Incentive Plan and the corresponding cancellation of Motient’s 2002 Stock Option Plan and Motient’s 2004 Restricted Stock Plan. </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Highland’s Nominees</B> </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Highland’s nominees to Motient’s Board of Directors have extensive experience in the satellite, media and telecommunications industries, as well as expertise in the areas of finance, asset valuation analysis and corporate governance. They also possess a thorough understanding of the complex regulatory issues and the market insight necessary to achieve the greatest value </DIV> <P align="center" style="font-size: 10pt"> </DIV> <!-- PAGEBREAK --> <P><HR noshade><P> <H5 align="left" style="page-break-before:always"> </H5><P> <DIV style="font-family: 'Times New Roman',Times,serif"> <DIV align="left" style="font-size: 10pt; margin-top: 6pt">for all of Motient’s stockholders. The slate is committed to developing and overseeing the execution of a plan that would achieve the greatest and best use of Motient’s valuable assets for the benefit of all stockholders. Highland believes its nominees are far superior director candidates to Motient’s nominees, and encourages its fellow stockholders to vote for the Highland-nominated slate. </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Highland does not believe that Motient’s current Board is acting in the best interests of stockholders. Highland believes the current Board is conflicted; has engaged in inappropriate related-party transactions; has a history of bad management, lack of vision, questionable decisions, financial reporting issues and disappointing results; and has pursued — and continues to pursue — flawed transactions to the detriment of Motient stockholders. Highland believes that stockholder interests would be served by replacing the existing Board with the Highland nominees. </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Director nominee, David Van Valkenberg, stated: “We believe Motient has great potential that could create significant value for stockholders. However, the company’s results and actions indicate that it would appear it is suffering from recurring execution and management oversight problems, poor operating performance and corporate governance, and conceded financial reporting deficiencies. By nominating independent, experienced and highly principled individuals to Motient’s Board, we intend to put an end to the unacceptable practices occurring at the company. My fellow nominees are strong, independent individuals who have decades of highly relevant experience and are well-regarded in their respective fields. These nominees will provide the experienced leadership to determine the correct course of action to achieve the best and greatest use of Motient’s assets. The Highland Board nominees are personally committed to representing the best interests of all Motient owners first and foremost, and we ask Motient stockholders for their support.” </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The Highland nominees intend to realize the greatest value and best use of Motient’s assets for all stockholders by: </DIV> <DIV style="margin-top: 6pt"> <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt"> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <TD width="2%" style="background: transparent"> </TD> <TD width="3%" nowrap align="left"><B>•</B></TD> <TD width="1%"> </TD> <TD>Recruiting a better management team with relevant expertise;</TD> </TR> <TR> <TD style="font-size: 6pt"> </TD> </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <TD width="2%" style="background: transparent"> </TD> <TD width="3%" nowrap align="left"><B>•</B></TD> <TD width="1%"> </TD> <TD>Performing a strategic review of existing operations;</TD> </TR> <TR> <TD style="font-size: 6pt"> </TD> </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <TD width="2%" style="background: transparent"> </TD> <TD width="3%" nowrap align="left"><B>•</B></TD> <TD width="1%"> </TD> <TD>Helping management successfully navigate market and regulatory challenges;</TD> </TR> <TR> <TD style="font-size: 6pt"> </TD> </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <TD width="2%" style="background: transparent"> </TD> <TD width="3%" nowrap align="left"><B>•</B></TD> <TD width="1%"> </TD> <TD>Thoroughly examining possible options/opportunities for value creation;</TD> </TR> <TR> <TD style="font-size: 6pt"> </TD> </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <TD width="2%" style="background: transparent"> </TD> <TD width="3%" nowrap align="left"><B>•</B></TD> <TD width="1%"> </TD> <TD>Communicating effectively with Motient stockholders regarding transactions that are of material importance to their investment; and</TD> </TR> <TR> <TD style="font-size: 6pt"> </TD> </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <TD width="2%" style="background: transparent"> </TD> <TD width="3%" nowrap align="left"><B>•</B></TD> <TD width="1%"> </TD> <TD>Implementing a well-considered strategic business plan to achieve the highest and best use of Motient’s unique spectrum assets.</TD> </TR> </TABLE> </DIV> <P align="center" style="font-size: 10pt">2 </DIV> <!-- PAGEBREAK --> <P><HR noshade><P> <H5 align="left" style="page-break-before:always"> </H5><P> <DIV style="font-family: 'Times New Roman',Times,serif"> <DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Highland’s director nominees have outstanding operational and financial credentials and significant industry experience, and Highland believes they possess the necessary expertise, objectivity and integrity to execute these measures. The nominees are: </DIV> <DIV align="center"> <TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%"> <!-- Begin Table Head --> <TR valign="bottom"> <TD width="30%"> </TD> <TD width="3%"> </TD> <TD width="60%"> </TD> </TR> <!-- End Table Head --> <!-- Begin Table Body --> <TR valign="bottom"> <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Eugene E. Sekulow </DIV></TD> <TD> </TD> <TD align="left" valign="top">Mr. Sekulow, 75, was the President of NYNEX International, now Verizon Communications, and Executive Vice President of RCA Corporation. Currently he is Senior Fellow and Board Member of Adventis Corporation, a leading strategy consulting firm to the telecom, media & entertainment and technology industries. He is also an independent consultant to major U.S., European and Asian telecommunications carriers, equipment providers and investors.</TD> </TR> <TR valign="bottom"><!-- Blank Space --> <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD> <TD> </TD> <TD align="left" valign="top"> </TD> </TR> <TR valign="bottom"> <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">David R. Van Valkenburg </DIV></TD> <TD> </TD> <TD align="left" valign="top">Mr. Van Valkenburg, 64, is Chairman of Balfour Associates, a firm providing counsel to chief executives, boards of directors, senior lenders, and private equity funds. He has more than 30 years of experience managing cable telecommunications companies around the world, and was Chief Executive Officer and Chief Operating Officer of Telewest Communications plc, President of MultiVision Cable TV Corporation, President of Cablevision Industries, President of Paragon Communications, and President and Executive Vice President of Cox Cable Communications Inc.</TD> </TR> <TR valign="bottom"><!-- Blank Space --> <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD> <TD> </TD> <TD align="left" valign="top"> </TD> </TR> <TR valign="bottom"> <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Charles Maynard </DIV></TD> <TD> </TD> <TD align="left" valign="top">Mr. Maynard, 62, is Chief Executive Officer and Managing Member of satellite cable services company LightPort Digital LLC. He was previously Chief Operating Officer and divisional Chief Executive Officer of Able Telcom Holdings (d/b/a Adesta), Chief Executive Officer of INSAT, Managing Director of U.S. Wireless Projects for TDF, President of Cincinnati Bell Wireless and Executive Vice President of AT&T Technologies.</TD> </TR> <TR valign="bottom"><!-- Blank Space --> <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD> <TD> </TD> <TD align="left" valign="top"> </TD> </TR> <TR valign="bottom"> <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">George A. Overstreet Jr. </DIV></TD> <TD> </TD> <TD align="left" valign="top">Professor Overstreet, 62, is Associate Dean for Research & Center Development, Director for the Center for Growth Enterprises, Professor of Commerce, and holder of the Walker Chair in Growth Enterprises at the University of Virginia’s McIntire School of Commerce. He is highly recognized in the fields of valuation analysis and corporate financial management and a noted consultant and executive educator.</TD> </TR> <TR valign="bottom"><!-- Blank Space --> <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD> <TD> </TD> <TD align="left" valign="top"> </TD> </TR> <TR valign="bottom"> <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Steven S. Turoff </DIV></TD> <TD> </TD> <TD align="left" valign="top">Mr. Turoff, 60, is Chairman and Founder of The Renaissance Consulting Group, Inc., a firm that plans and implements reorganizations for financially troubled enterprises. A Certified Public Accountant, he previously spent 11 years in public accounting, with an emphasis on auditing, at Arthur Young & Company. Mr. Turoff is a member of the American Bankruptcy Institute, Turnaround Management Association, American Institute of CPAs and the Dallas Chapter of the Texas Society of CPAs.</TD> </TR> <!-- End Table Body --> </TABLE> </DIV> <P align="center" style="font-size: 10pt">3 </DIV> <!-- PAGEBREAK --> <P><HR noshade><P> <H5 align="left" style="page-break-before:always"> </H5><P> <DIV style="font-family: 'Times New Roman',Times,serif"> <DIV align="center"> <TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%"> <!-- Begin Table Head --> <TR valign="bottom"> <TD width="30%"> </TD> <TD width="3%"> </TD> <TD width="60%"> </TD> </TR> <!-- End Table Head --> <!-- Begin Table Body --> <TR valign="bottom"><!-- Blank Space --> <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD> <TD> </TD> <TD align="left" valign="top"> </TD> </TR> <TR valign="bottom"> <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John J. Ray III </DIV></TD> <TD> </TD> <TD align="left" valign="top">Mr. Ray, 47, is a Managing Director at Avidity Partners, LLC, a company that provides management, advisory and administrative services to distressed companies. He is also Chairman of the Board and President of post-confirmation Enron Corporation and Trustee for the Fruit of the Loom Liquidation Trust. Prior to Avidity, he served in various general counsel roles for Waste Management, Inc. and practiced law at Mayer, Brown & Platt.</TD> </TR> <TR valign="bottom"><!-- Blank Space --> <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD> <TD> </TD> <TD align="left" valign="top"> </TD> </TR> <TR valign="bottom"> <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Jeffrey E. Ginsberg </DIV></TD> <TD> </TD> <TD align="left" valign="top">Mr. Ginsberg, 42, is Executive Chairman of InfoHighway Communications, a provider of hosted and managed communications solutions. He was also Chairman and Co-founder of Apex Site Management, a real estate telecommunications site management firm and co-founder of Horizon Cellular Group, which was among the nation’s 20 largest cellular system operators.</TD> </TR> <TR valign="bottom"><!-- Blank Space --> <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD> <TD> </TD> <TD align="left" valign="top"> </TD> </TR> <TR valign="bottom"> <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Niles K. Chura </DIV></TD> <TD> </TD> <TD align="left" valign="top">Mr. Chura, 36, is a Portfolio Manager at Highland Capital Management, L.P. and is responsible for over $1.5 billion of Highland’s investments. Prior to Highland, he was a member of the media and telecom portfolio management group at Bank of America and the finance and planning group at American Airlines. Mr. Chura was also a field artillery officer in the U.S. Army.</TD> </TR> <!-- End Table Body --> </TABLE> </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Highland’s Other Proposals</B> </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Highland is also seeking stockholders’ support for the following proposals: </DIV> <DIV style="margin-top: 6pt"> <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt"> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <TD width="2%" style="background: transparent"> </TD> <TD width="3%" nowrap align="left"><B>•</B></TD> <TD width="1%"> </TD> <TD><B>To reject ratification of the reappointment of Friedman LLP as Motient’s independent auditor. </B>While Friedman has been Motient’s auditor, Motient repeatedly has had significant internal control and financial reporting problems. Due to accounting issues, Motient delayed filing its 2005 10-K and restated 10-Qs for the first, second and third quarters of 2005. In response to SEC comments, Motient amended its 10-K filings for 2004 and 2003 and 10-Qs for the first, second and third quarters of 2004. Should Highland’s nominees be elected, they will promptly evaluate the need for changes to Motient’s financial reporting structure and independent auditors, and will make such changes as are in the best interest of the stockholders.</TD> </TR> <TR> <TD style="font-size: 6pt"> </TD> </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <TD width="2%" style="background: transparent"> </TD> <TD width="3%" nowrap align="left"><B>•</B></TD> <TD width="1%"> </TD> <TD><B>To reject the proposed 2006 Motient Corporation Equity Incentive Plan and the corresponding cancellation of the 2002 Stock Option Plan and 2004 Restricted Stock Plan</B>. Highland believes that this proposal is yet another example of the current Motient directors acting in their own interests and not in the best interests of the stockholders. According to Motient’s proxy statement, under this proposed plan, non-executive Motient directors would be granted $7.5 million of equity. The five Motient directors who are not</TD> </TR> </TABLE> </DIV> <P align="center" style="font-size: 10pt">4 </DIV> <!-- PAGEBREAK --> <P><HR noshade><P> <H5 align="left" style="page-break-before:always"> </H5><P> <DIV style="font-family: 'Times New Roman',Times,serif"> <DIV style="margin-top: 6pt"> <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt"> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <TD width="2%" style="background: transparent"> </TD> <TD width="3%" nowrap align="left"> </TD> <TD width="1%"> </TD> <TD>standing for reelection would collectively receive approximately $548,000 worth of Motient common stock. Additionally, these five individuals would receive stock options which were granted on the date when Motient common stock closed at its lowest price of the current year and immediately prior to the announcements that some of these directors would not stand for reelection and of Motient’s proposed consolidation with SkyTerra. These options could ultimately be worth hundreds of thousands or millions of dollars.</TD> </TR> <TR> <TD style="font-size: 6pt"> </TD> </TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <TD width="2%" style="background: transparent"> </TD> <TD width="3%" nowrap align="left"><B>•</B></TD> <TD width="1%"> </TD> <TD><B>To approve Highland’s proposal to amend Motient’s Amended and Restated Bylaws to increase the number of directors on the Motient Board to eight. </B>Highland believes that adding two directors to the six-person Board size recently set by Motient would enhance the overall experience, diversity of background and specialized knowledge on the Board and would be in the best interest of Motient’s stockholders.</TD> </TR> <TR> <TD style="font-size: 6pt"> </TD> </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <TD width="2%" style="background: transparent"> </TD> <TD width="3%" nowrap align="left"><B>•</B></TD> <TD width="1%"> </TD> <TD><B>To repeal any amendment to Motient’s Amended and Restated Bylaws adopted after May 1, 2002 (the last date the bylaws were filed with the SEC). </B>The purpose of this proposal is to prevent the Motient Board from interfering with implementation of the proposals being acted on by Motient’s stockholders pursuant to this proxy solicitation.</TD> </TR> <TR> <TD style="font-size: 6pt"> </TD> </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <TD width="2%" style="background: transparent"> </TD> <TD width="3%" nowrap align="left"><B>•</B></TD> <TD width="1%"> </TD> <TD><B>To adopt a resolution providing the order for voting on Highland’s proposals at the Annual Meeting.</B></TD> </TR> </TABLE> </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt"> A copy of Highland’s preliminary proxy statement, full biographies of Highland’s nominees, and other information about Highland’s effort to replace Motient’s current Board of Directors is available at www.ABetterMotient.com. </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>About Highland Capital Management, L.P.</B> </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Based in Dallas, with offices in New York and London, Highland Capital Management, L.P. is an SEC-registered investment adviser specializing in credit and alternative investment investing. Highland Capital currently manages over $25 billion in leveraged loans, high yield </DIV> <P align="center" style="font-size: 10pt">5 </DIV> <!-- PAGEBREAK --> <P><HR noshade><P> <H5 align="left" style="page-break-before:always"> </H5><P> <DIV style="font-family: 'Times New Roman',Times,serif"> <DIV align="left" style="font-size: 10pt; margin-top: 6pt">bonds, structured products and other assets for banks, insurance companies, pension plans, foundations, and high net worth individuals. </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt">HIGHLAND CAPITAL STRONGLY ADVISES ALL SECURITY HOLDERS OF MOTIENT TO READ ITS PROXY STATEMENT WHEN AND IF IT BECOMES AVAILABLE, AS IT WILL CONTAIN IMPORTANT INFORMATION, INCLUDING INFORMATION RELATING TO THE PARTICIPANTS IN ANY SUCH PROXY SOLICITATION. INVESTORS CAN GET THE PROXY STATEMENT, AND ANY OTHER RELEVANT DOCUMENTS, WHEN AND IF AVAILABLE, FOR FREE AT THE SECURITIES AND EXCHANGE COMMISSION’S WEB SITE AT <U>HTTP://WWW.SEC.GOV</U>. IN ADDITION, ANY SUCH PROXY STATEMENT, AND ANY OTHER RELEVANT DOCUMENTS, WHEN AND IF AVAILABLE, WILL BE AVAILABLE FOR FREE FROM THE PARTICIPANTS BY CONTACTING HIGHLAND CAPITAL’S SOLICITOR, MACKENZIE PARTNERS, INC., AT ITS TOLL-FREE NUMBER: (800) 322-2885, OR BY COLLECT CALL AT (212) 929-5550. </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt">INFORMATION CONCERNING THE IDENTITY OF THE POTENTIAL PARTICIPANTS IN ANY SUCH POTENTIAL PROXY SOLICITATION AND A DESCRIPTION OF THEIR DIRECT OR INDIRECT INTERESTS, BY SECURITY HOLDINGS OR OTHERWISE, IS CONTAINED IN THE SECTION ENTITLED “INFORMATION CONCERNING THE PARTICIPANTS IN THE SOLICITATION” IN THE PRELIMINARY PROXY STATEMENT ON SCHEDULE 14A FILED BY HIGHLAND CAPITAL WITH THE SECURITIES AND EXCHANGE COMMISSION ON JUNE 2, 2006 WITH RESPECT TO MOTIENT. THAT SCHEDULE 14A IS CURRENTLY AVAILABLE FOR FREE AT THE SECURITIES AND EXCHANGE COMMISSION’S WEB SITE. Security holders of Motient can also obtain information concerning the identity of the potential participants in any such potential proxy or consent solicitation and a description of their direct or indirect interests, by security holdings or otherwise, for free by contacting Highland Capital’s solicitor, MacKenzie Partners, Inc., at its toll-free number: (800) 322-2885, or by collect call at (212) 929-5550. </DIV> <DIV align="center" style="font-size: 10pt; margin-top: 18pt">### </DIV> <P align="center" style="font-size: 10pt">6 </DIV> </BODY> </HTML> </TEXT> </DOCUMENT> <DOCUMENT> <TYPE>EX-99.(3) <SEQUENCE>4 <FILENAME>d36732exv99wx3y.htm <DESCRIPTION>OVERVIEW <TEXT> <HTML> <HEAD> <TITLE>exv99wx3y</TITLE> </HEAD> <BODY bgcolor="#FFFFFF"> <!-- PAGEBREAK --> <H5 align="left" style="page-break-before:always"> </H5><P> <DIV style="font-family: 'Times New Roman',Times,serif"> <DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit 3</B> </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Welcome</B> </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Welcome to <I>A Better Motient, </I>a web site sponsored by Highland Capital Management, L.P. We developed this website to keep our fellow Motient stockholders informed and to help Motient realize its full potential for the benefit of all stockholders. This site will be updated regularly and provide a central repository for relevant materials. As stockholders, we own Motient. As responsible owners we must elect directors who will sit at the board table as true and accountable stockholder representatives. </DIV> <DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="d36732d3673276.gif" alt="(A BETTER MOTIENT GRAPHIC)"> </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt">Motient’s Board of Directors has failed to properly represent and protect its stockholders. We believe Motient and its stockholders are suffering from serious mismanagement, including inadequate operating performance, significant financial reporting deficiencies, questionable execution and management, and extensive Board self-dealing and conflicts of interest. </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt">We believe that Motient has exciting potential and could create significant value for its stockholders. However, we are also convinced that this will not occur under the current Board and management team. That is why we believe Motient needs a new, highly-qualified, independent and experienced Board who will oversee the right strategic plan to achieve the greatest value and best use of Motient’s assets for the benefit of all stockholders. </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt">In this post Enron, WorldCom, Tyco era, stockholders can no longer afford to tolerate unaccountable corporate leaders. If we stockholders demand a new Board, we can spur positive change that will benefit stockholders. Please get involved, take action, and join us — for a better Motient. </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>The Situation</B> </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are asking for Motient stockholder support in removing Motient’s current Board of Directors. We believe Motient has been severely mismanaged and that the company is suffering from poor operating performance, conceded financial reporting deficiencies, recurring execution and management oversight problems, and extensive Board and management self-dealing and conflicts of interest. </DIV> <P align="center" style="font-size: 10pt">-1- </DIV> <!-- PAGEBREAK --> <P><HR noshade><P> <H5 align="left" style="page-break-before:always"> </H5><P> <DIV style="font-family: 'Times New Roman',Times,serif"> <DIV align="left" style="font-size: 10pt; margin-top: 6pt">We believe the current Board has failed to act in the best interests of the company and stockholders. Motient has exciting potential and could create significant value for all stockholders; however, we do not believe the current Board can realize the company’s full potential. What is needed is a new, highly-qualified, principled, independent and experienced Board and management team that can successfully navigate the challenging market environment and implement a strategic plan that will achieve the greatest value and best use of Motient’s assets <I>for the benefit of all stockholders</I>. In light of Motient’s recent events, we believe this change is more urgent than ever. </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt">On May 3, 2006, Motient announced that five of its existing directors, including the current Chairman, would not stand for re-election. Approximately one week later, on May 8, 2006, Motient signed a definitive agreement with SkyTerra Communications, Inc. We believe this proposed transaction is not in the best interests of Motient stockholders and is certainly not an appropriate action for Motient’s current “lame duck” Board. This proposed transaction will significantly impact the future of Motient for all stockholders — a future of which the outgoing directors who proposed this deal have signaled they want no part. See <B>Motient/SkyTerra Proposed Transaction</B>. </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt"> We believe the agenda of Motient’s current Board, who approved the proposed transaction, and management is self-serving, will destroy stockholder value and does not represent the best interests of Motient stockholders. </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>About Motient</B> </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Motient describes itself as a nationwide provider of terrestrial wireless data solutions for Fortune 500 companies and the small to medium size enterprise business market through its wholly-owned subsidiary, Motient Communications Inc. A publicly traded company with a $1.4 billion market capitalization and the largest digital data footprint in the U.S., Motient provides customers access to multiple networks platforms, including GPRS, 1XRTT and its own DataTac Network. Working with Motient, customers gain access to proprietary applications, one source support and wireless consulting services that enhance the performance, efficiency and cost-effectiveness of enterprise wireless networks. </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt">Motient’s value lies in its two primary assets: significant interests in TerreStar Networks Inc. (TerreStar) and Mobile Satellite Ventures (MSV) providers of mobile satellite services. Motient is a controlling shareholder in TerreStar owning 54.3% of the company, and is a 43.4% owner of MSV. Both TerreStar and MSV are in the process of developing next-generation hybrid networks capable of providing ubiquitous wireless service by integrating land-based towers and satellites. These new networks would deliver services to wireless devices everywhere in North America. </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Motient/SkyTerra Proposed Transaction</B> </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt">On May 8, 2006, Motient and SkyTerra Communications, Inc. signed definitive agreements to consolidate ownership and control of MSV and its general partner under SkyTerra and to </DIV> <P align="center" style="font-size: 10pt">-2- </DIV> <!-- PAGEBREAK --> <P><HR noshade><P> <H5 align="left" style="page-break-before:always"> </H5><P> <DIV style="font-family: 'Times New Roman',Times,serif"> <DIV align="left" style="font-size: 10pt; margin-top: 6pt">consolidate ownership of TerreStar under Motient. Following the closing of a series of transactions, and assuming certain other stakeholders participate in the transaction, SkyTerra would own 70% of MSV and Motient would own 74% of TerreStar on a fully-diluted basis. <B>We strongly oppose Motient’s proposed deal with SkyTerra.</B> </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt">We believe that Motient’s proposed deal, which will materially change Motient and its business without a stockholder vote, is structurally and financially flawed and raises serious governance concerns. Furthermore, these proposed transactions raise a number of questions including: </DIV> <DIV align="center" style="font-size: 10pt; margin-top: 18pt"><I>Why this deal? Why this structure? Why now?</I> </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt">Stockholders deserve answers. We ask that you consider these points: </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Serious structural and economic flaws:</B> </DIV> <DIV style="margin-top: 6pt"> <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt"> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <TD width="2%" style="background: transparent"> </TD> <TD width="3%" nowrap align="left"><B>•</B></TD> <TD width="1%"> </TD> <TD><B><I>Motient AND its stockholders will suffer a substantial tax charge.</I></B><BR> According to Motient’s press release, the proposed deal is taxable to Motient and will require payment by Motient of an estimated $50-80 million in corporate taxes, or about $1 per outstanding share of common stock. The press release also indicates that the distribution of SkyTerra shares acquired in the proposed transaction will be taxable to receiving Motient stockholders.</TD> </TR> <TR> <TD style="font-size: 6pt"> </TD> </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <TD width="2%" style="background: transparent"> </TD> <TD width="3%" nowrap align="left"><B>•</B></TD> <TD width="1%"> </TD> <TD><B><I>No evidence Motient stockholders will receive a control premium for MSV.</I></B><BR> It is common practice to receive a premium for exchange of control in an entity. However, based on our review of the transaction documents, despite the fact that Motient is handing control of MSV to SkyTerra, we have seen no evidence that Motient stockholders will receive a control premium. We believe that Motient stockholders are entitled to a substantial premium in return for providing control of MSV to SkyTerra.</TD> </TR> <TR> <TD style="font-size: 6pt"> </TD> </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <TD width="2%" style="background: transparent"> </TD> <TD width="3%" nowrap align="left"><B>•</B></TD> <TD width="1%"> </TD> <TD><B><I>Motient stockholders are exchanging direct ownership for indirect ownership of MSV.</I></B><BR> This proposed deal exchanges consolidated direct ownership of MSV by Motient, a valuable asset, for no cash and indirect ownership of MSV through SkyTerra.</TD> </TR> <TR> <TD style="font-size: 6pt"> </TD> </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <TD width="2%" style="background: transparent"> </TD> <TD width="3%" nowrap align="left"><B>•</B></TD> <TD width="1%"> </TD> <TD><B><I>Buy high, sell low?</I></B><BR> The implied valuation for MSV in this proposed transaction of $1.86 billion according to a recent industry analyst report is very different than that which we understand was used by Motient management with respect to the failed roll-up transaction Motient proposed last fall. Based on our calculations, it appears management has now signed a deal to sell Motient’s interest in MSV at a discount of nearly 45% to the price they were planning to buy SkyTerra’s interest in MSV just ten months ago. It is prudent to buy low and sell high, not the opposite.</TD> </TR> </TABLE> </DIV> <P align="center" style="font-size: 10pt">-3- </DIV> <!-- PAGEBREAK --> <P><HR noshade><P> <H5 align="left" style="page-break-before:always"> </H5><P> <DIV style="font-family: 'Times New Roman',Times,serif"> <DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Grave governance concerns:</B> </DIV> <DIV style="margin-top: 6pt"> <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt"> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <TD width="2%" style="background: transparent"> </TD> <TD width="3%" nowrap align="left"><B>•</B></TD> <TD width="1%"> </TD> <TD><B><I>No stockholder approval.</I></B><BR> This proposed transaction radically transforms Motient, but it appears to have been deliberately structured to avoid a stockholder vote despite the fact that the annual meeting of Motient stockholders is just two months away.</TD> </TR> <TR> <TD style="font-size: 6pt"> </TD> </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <TD width="2%" style="background: transparent"> </TD> <TD width="3%" nowrap align="left"><B>•</B></TD> <TD width="1%"> </TD> <TD><B><I>Motient receives minimal representation on SkyTerra Board.</I></B><BR> Despite owning 57% of SkyTerra after the completion of the transaction, Motient will only have the right to propose one out of a possible four to seven directors on the SkyTerra Board of Directors. Skyterra, with only 25.3% ownership post the transaction, will have three seats. Moreover, the single individual selected by Motient may serve only at the “sole discretion” of Skyterra. Is it possible for Motient’s management and Board to display any less disregard for corporate governance and shareholder well-being?</TD> </TR> <TR> <TD style="font-size: 6pt"> </TD> </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <TD width="2%" style="background: transparent"> </TD> <TD width="3%" nowrap align="left"><B>•</B></TD> <TD width="1%"> </TD> <TD><B><I>Limited disclosure and little transparency.</I></B><BR> A deal this significant and complex should be thoroughly and clearly explained to stockholders, yet Motient leaves many questions unanswered. How were valuations determined? Was a fairness opinion obtained? If not, why? Were other deals considered, such as a tax-free spin-off of MSV or buying out the minority MSV investors to gain majority ownership in both entities? If so, why were they rejected? Sadly, we do not expect Motient to provide answers to these questions, despite the fact that this is a fundamentally important transaction and Motient is facing a contested director election. If this deal were structured such that stockholder approval was necessary, Motient likely would have been required to describe the proposed transaction in much greater detail. Motient stockholders deserve more information.</TD> </TR> <TR> <TD style="font-size: 6pt"> </TD> </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <TD width="2%" style="background: transparent"> </TD> <TD width="3%" nowrap align="left"><B>•</B></TD> <TD width="1%"> </TD> <TD><B><I>Motient management benefits at stockholders’ expense.</I></B><BR> The proposed transaction apparently continues what we see as a pattern — Motient insiders, and in this case management, reaping financial benefits at stockholders’ expense. For example, according to Motient’s public filings, Mr. Downie, the most senior Motient officer, was granted 125,000 shares of restricted stock last November that apparently will fully vest upon the closing of this transaction, a gain of well over $2 million at Motient’s current stock price. Motient’s Board awarded Mr. Downie this restricted stock at a time when management had already proposed a transaction that apparently would have triggered the vesting of these shares upon closing. Additionally, Mr. Downie’s employment agreement specifically provides that such a transaction by Motient also apparently triggers the acceleration of his TerreStar options.</TD> </TR> <TR> <TD style="font-size: 6pt"> </TD> </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <TD width="2%" style="background: transparent"> </TD> <TD width="3%" nowrap align="left"><B>•</B></TD> <TD width="1%"> </TD> <TD><B><I>Deal approved by “lame duck” Board.</I></B><BR> This deal appears to be the last gasp of directors who we believe have long been engaged in questionable transactions, and will not stand for re-election to avoid facing a stockholder referendum on their past actions.</TD> </TR> </TABLE> </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt">The support by the Motient Board and management of this ill-conceived transaction further demonstrates that they lack vision and are not acting in the best interest of Motient’s stockholders. </DIV> <P align="center" style="font-size: 10pt">-4- </DIV> <!-- PAGEBREAK --> <P><HR noshade><P> <H5 align="left" style="page-break-before:always"> </H5><P> <DIV style="font-family: 'Times New Roman',Times,serif"> <DIV align="left"> <DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000"> </DIV> </DIV> <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt"> <TR> <TD width="3%"></TD> <TD width="1%"></TD> <TD width="96"></TD> </TR> <TR valign="top"> <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD> <TD> </TD> <TD>From a report published by Jeffries & Co. on May 15, 2006. We note that neither the author nor publication cited herein have consented to the use of such report as proxy soliciting materials.</TD> </TR> </TABLE> <DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Board Self Dealing & Conflicts of Interest</B> </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt">In recent public filings, Motient makes references to numerous related party transactions between the company and its directors and officers, on one hand, and entities in which Motient’s directors and officers have interests or serve as officers, directors or consultants, on the other hand. In its Form 10-K, Motient disclosed $13.1 million of expenses for related party transactions and services, and nearly $18.0 million in total stock-based employee compensation expense, compared with only $13.8 million in total revenue, for the year ended December 31, 2005. These related party transactions, as well as certain Motient officers’ compensation and Motient advisor fee structures, point to severe conflicts of interest and raise serious questions about the independence of Motient’s directors and officers and whether Motient’s directors and management are complying with their fiduciary duties and acting in the best interests of Motient stockholders. </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following charts show just some of the related party transactions and inter-relationships between Motient Board members, management and advisors that we believe represent serious conflicts of interest and poor corporate governance. </DIV> <P align="center" style="font-size: 10pt">-5- </DIV> <!-- PAGEBREAK --> <P><HR noshade><P> <H5 align="left" style="page-break-before:always"> </H5><P> <DIV style="font-family: 'Times New Roman',Times,serif"> <!-- Slide Number 0001 --> <CENTER> <IMG src="d36732d36732llz0001.jpg"> </CENTER> <TABLE width="90%"> <TR><TD><FONT size="1" color="#FFFFFF" style="font-size: 1pt; color: #FFFFFF"> Current Motient Board of Directors Former Motient Directors Individuals Board of Directors: Conflicts of Interest MSV C. Downie COO G.Goldsmith Director S. Singer Chairman B. Williamson Director G.Kittner Director J. Abbruzzese P. Aquino Tejas CTA DualStar Leap CAI Wireless MOTIENT J. Abbruzzese Director B. Williamson Fmr Director G. Kittner Director J. Abbruzzese Director of GP G. Singer S. Singer's brother W. Barr Jr. Shareholder J. Abbruzzese Chairman C. Downie Fmr Consultant G. Kittner Advisor P. Aquino Fmr Employee American Banknote Globix B. Singer S. Singer's brother W. Barr Jr. President, CTA W. Barr Jr. Employee R. Steele Director J. Abbruzzese Fmr Director B. Singer Fmr Shareholder G. Kittner Fmr Director W. Barr Jr. Fmr Director G. Kittner Fmr Employee W. Barr Jr. Fmr Employee S. Singer Chairman R. Steele Director G. Goldsmith Director S. Singer Dir. & Shareholder J. Abbruzzese Fmr Director R. Steele Director W. Barr Jr. Director Multiple interlocking directorships and other inter-relationships among key players On the left are key current and former Motient board members, as well as individuals of significance Graphic above shows companies where current and former Motient board members, as well as individuals of significance, have been, or currently are, members on the same board TerreStar MOTIENT C. Downie Director R. Steele Director J. Abbruzzese Director </FONT></TD></TR></TABLE> <P align="center" style="font-size: 10pt">-6- </DIV> <!-- PAGEBREAK --> <P><HR noshade><P> <H5 align="left" style="page-break-before:always"> </H5><P> <DIV style="font-family: 'Times New Roman',Times,serif"> <!-- Slide Number 0002 --> <CENTER> <IMG src="d36732d36732llz0002.jpg"> </CENTER> <TABLE width="90%"> <TR><TD><FONT size="1" color="#FFFFFF" style="font-size: 1pt; color: #FFFFFF"> Board of Directors: Ownership Interest and Advisory Relationships MOTIENT Corporate stockholder/ownership interest Individual stockholder/ownership interest Business/advisory relationship (compensation in cash and/or stock) Control Brad Singer (Brother) Gary Singer (Brother) Globix S. Singer, Director & Shareholder J. Abbruzzese, Former Director R. Steele, Director W. Barr, Director TerreStar Singer Children's Trust MSV J. Abbruzzese, Director of GP G. Kittner, Director of GP Wayne Barr Jr. (President, CTA) Tejas J. Abbruzzese, Director W. Barr Jr., Shareholder B. Williamson, Fmr Director CTA J. Abbruzzese, Chairman C. Downie, Fmr Consultant G. Kittner, Advisor P. Aquino, Fmr Employee W. Barr, Employee P. Aquino Fmr Director J. Abbruzzese Fmr Director S. Singer Chairman G.Goldsmith Director C. Downie COO G.Kittner Director B. Williamson Director R. Steele Director </FONT></TD></TR></TABLE> <P align="center" style="font-size: 10pt">-7- </DIV> <!-- PAGEBREAK --> <P><HR noshade><P> <H5 align="left" style="page-break-before:always"> </H5><P> <DIV style="font-family: 'Times New Roman',Times,serif"> <DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Mismanagement and Questionable Execution</B> </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt">Motient’s Board and management have engaged in questionable activities with respect to executing its strategy and overseeing the company. This has been demonstrated in particular by Motient’s: </DIV> <DIV style="margin-top: 6pt"> <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt"> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <TD width="2%" style="background: transparent"> </TD> <TD width="3%" nowrap align="left"><B>•</B></TD> <TD width="1%"> </TD> <TD><U><B>History of regulatory issues and business mistakes</B></U>;</TD> </TR> <TR> <TD style="font-size: 6pt"> </TD> </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <TD width="2%" style="background: transparent"> </TD> <TD width="3%" nowrap align="left"><B>•</B></TD> <TD width="1%"> </TD> <TD><B>Support of certain ill-advised strategic transactions, including</B>:</TD> </TR> </TABLE> </DIV> <DIV style="margin-top: 6pt"> <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt"> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <TD width="6%" style="background: transparent"> </TD> <TD width="3%" nowrap align="left"><B>•</B></TD> <TD width="1%"> </TD> <TD>a recently announced consolidation transaction involving SkyTerra; and</TD> </TR> <TR> <TD style="font-size: 6pt"> </TD> </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <TD width="6%" style="background: transparent"> </TD> <TD width="3%" nowrap align="left"><B>•</B></TD> <TD width="1%"> </TD> <TD>an earlier failed roll-up transaction;</TD> </TR> </TABLE> </DIV> <DIV style="margin-top: 6pt"> <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt"> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <TD width="2%" style="background: transparent"> </TD> <TD width="3%" nowrap align="left"><B>•</B></TD> <TD width="1%"> </TD> <TD><U><B>Decision to provide excessive compensation to its outgoing directors and certain of its officers</B></U>; and</TD> </TR> <TR> <TD style="font-size: 6pt"> </TD> </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <TD width="2%" style="background: transparent"> </TD> <TD width="3%" nowrap align="left"><B>•</B></TD> <TD width="1%"> </TD> <TD><U><B>Failure to hire a CEO or CFO</B></U>.</TD> </TR> </TABLE> </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>History of Regulatory Issues and Business Mistakes</B> </DIV> <DIV align="left" style="font-size: 10pt">We believe that Motient has continually made significant mistakes regarding strategic decisions, regulatory issues and routine business transactions. These mistakes demonstrate Motient management’s inability to properly care for Motient’s business.</DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt">In its most recent Form 10-K, Motient identified a business strategy to use its subsidiary TerreStar to design and develop a next-generation communications system involving a hybrid satellite/terrestrial wireless network, but acknowledged that it has “limited experience in running a satellite communications business.” In the same filing, the company reports that its 800 MHz licenses were impaired in part because Motient “experienced a significantly greater decline in [its] revenues and customer base in the second half of 2005 than anticipated,” which: </DIV> <DIV style="margin-top: 6pt"> <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt"> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <TD width="2%" style="background: transparent"> </TD> <TD width="3%" nowrap align="left"><B>•</B></TD> <TD width="1%"> </TD> <TD>impaired the nationwide capacity of its frequencies that was previously maintained, as well as the future revenue and cash flows that either Motient or a third party could generate from the use of these frequencies; and</TD> </TR> <TR> <TD style="font-size: 6pt"> </TD> </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <TD width="2%" style="background: transparent"> </TD> <TD width="3%" nowrap align="left"><B>•</B></TD> <TD width="1%"> </TD> <TD>resulted in Motient’s reduction of the nationwide value premium associated with these assets to zero from $18.4 million and Motient’s reduction of the individual frequency value by $24.5 million.</TD> </TR> </TABLE> </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt">Also in the same filing, Motient admits to issuing non-voting preferred shares in conflict of its corporate charter, which would be a violation of the Delaware General Corporation Law. According to the Form 8-K filed by the company on April 18, 2005, at the time Motient issued the shares of Series A Preferred Stock, the company’s Restated Certificate of Incorporation provided that “[t]he Corporation shall not issue any class of non-voting stock.” </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Support Of Certain Ill-Advised Strategic Transactions</B> </DIV> <DIV align="left" style="font-size: 10pt">On May 8, 2006, Motient and SkyTerra Communications, Inc. signed definitive agreements to consolidate ownership and control of MSV and its general partner under SkyTerra and to consolidate ownership of TerreStar under Motient. Following the closing of a series of transactions, and assuming certain other stakeholders participate in the transaction, SkyTerra would own 70% of MSV and Motient would own 74% of TerreStar on a fully-diluted basis. <U><B>We strongly oppose Motient’s Proposed Deal with SkyTerra</B></U>. We believe that Motient’s proposed deal, which will materially change Motient and its business without a stockholder vote, is structurally and financially flawed and raises serious governance concerns.</DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Board and management also supported a failed roll-up transaction that would have substantially undermined existing Motient stockholders’ value, only later admitting the transaction structure would “need to be modified.” The Form S-1 filed by Motient in connection with the proposed transaction did not reflect that any valuation analysis was done, that any financial advisor or investment bank was hired, or that any fairness opinion was rendered with respect to MSV. The only references to the valuation of MSV appear be that the Company: </DIV> <DIV style="margin-top: 6pt"> <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt"> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <TD width="2%" style="background: transparent"> </TD> <TD width="3%" nowrap align="left">1.</TD> <TD width="1%"> </TD> <TD>acknowledged the use of estimates in the valuation of its investment in MSV,</TD> </TR> <TR> <TD style="font-size: 6pt"> </TD> </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <TD width="2%" style="background: transparent"> </TD> <TD width="3%" nowrap align="left">2.</TD> <TD width="1%"> </TD> <TD>stated that in November 2003, it engaged CTA to provide a valuation of the Company’s equity interest in MSV as of December 31, 2002 and</TD> </TR> <TR> <TD style="font-size: 6pt"> </TD> </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <TD width="2%" style="background: transparent"> </TD> <TD width="3%" nowrap align="left">3.</TD> <TD width="1%"> </TD> <TD>stated that it paid CTA in March 2005 to provide certain valuation allocations for the Company’s interest in MSV as a result of the Company’s November 12, 2004 additional investment in MSV.</TD> </TR> </TABLE> </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt">With respect to TerreStar, while the Company does describe a valuation model in filings, the model appears to reference a May 2005 valuation. The notion that Motient would utilize a valuation figure based on data from May 2005 in November 2005 indicates that the valuation data was at least six months old. The Form S-1 does not reflect that any financial advisor or investment bank was hired or any fairness opinion was rendered with respect to TerreStar. </DIV> <P align="center" style="font-size: 10pt">-8- </DIV> <!-- PAGEBREAK --> <P><HR noshade><P> <H5 align="left" style="page-break-before:always"> </H5><P> <DIV style="font-family: 'Times New Roman',Times,serif"> <DIV align="left" style="font-size: 10pt; margin-top: 6pt">Furthermore, assuming a May 2005 TerreStar valuation was used, it seems management likely failed to adjust for the increased probability of TerreStar receiving an incremental spectrum award from the FCC — a pending event Motient certainly knew about in the fall of 2005. In fact, even after TerreStar received the additional 12 MHz of S-Band spectrum in December 2005 (a 150% increase from 8 MHz) management failed to adjust the misevaluation. </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our financial projections estimate that the misevaluation of TerreStar by the company in connection with the failed roll-up could have ultimately cost existing company stockholders up to at least $300 million through the dilution of their interests. By our estimate, if the transaction had been consummated existing equity owners of Motient would have been diluted in their ownership of TerreStar by approximately 11.1%. </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt">As is the case with the recently proposed consolidation transaction with SkyTerra, the Motient Board’s and management’s support of this roll-up transaction further demonstrates an inability or unwillingness to act in the best interest of Motient’s stockholders. </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Decision To Provide Excessive Compensation To Its Outgoing Directors And Certain Of Its Officers</B> </DIV> <DIV align="left" style="font-size: 10pt">The Motient Board recently granted its current members, including five of its six nominees, 270,000 shares of restricted stock and options to purchase 90,000 shares of common stock, subject to stockholder approval; and intends to grant options to purchase an additional 60,000 shares of common stock to the four most recently appointed directors if they are reelected at the annual meeting. If the stockholders approve the 2006 Motient Corporation Equity Incentive Plan, the current members of the Motient Board, including the five directors not standing for reelection, will receive compensation in Motient restricted stock and options valued by Motient in its proxy statement in excess of $7.5 million.</DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition to excessive director compensation and despite Motient’s disappointing financial results, numerous restatements and accounting troubles, and history of mismanagement, Motient recently disclosed in its public filings that it had entered into amended and restated employment agreements with each of Mr. Downie, Ms. Newman and Mr. Macklin, which agreements contain the following lucrative terms: </DIV> <DIV style="margin-top: 6pt"> <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt"> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <TD width="2%" style="background: transparent"> </TD> <TD width="3%" nowrap align="left"><B>•</B></TD> <TD width="1%"> </TD> <TD>Annual salaries of $240,000, $150,000 and $175,000, annual cash bonuses of up to 50%, 35% and 35% of base salary, and grants of 125,000, 15,000, and 15,000 shares of restricted common stock, respectively, with the restricted stock vesting upon a change of control or closing of certain strategic transactions (which vesting apparently will occur upon the closing of the proposed consolidation transaction with SkyTerra); and</TD> </TR> <TR> <TD style="font-size: 6pt"> </TD> </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <TD width="2%" style="background: transparent"> </TD> <TD width="3%" nowrap align="left"><B>•</B></TD> <TD width="1%"> </TD> <TD>Severance payments upon termination by Motient without cause, or upon termination by the employee for good reason:</TD> </TR> </TABLE> </DIV> <DIV style="margin-top: 6pt"> <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt"> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <TD width="6%" style="background: transparent"> </TD> <TD width="3%" nowrap align="left"><B>•</B></TD> <TD width="1%"> </TD> <TD>of between one and two year’s salary, plus bonus and benefits in the case of Ms. Newman and Mr. Macklin; and</TD> </TR> <TR> <TD style="font-size: 6pt"> </TD> </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <TD width="6%" style="background: transparent"> </TD> <TD width="3%" nowrap align="left"><B>•</B></TD> <TD width="1%"> </TD> <TD>equivalent to eighteen months of salary, plus bonus and benefits in the case of Mr. Downie.</TD> </TR> </TABLE> </DIV> <P align="center" style="font-size: 10pt">-9- </DIV> <!-- PAGEBREAK --> <P><HR noshade><P> <H5 align="left" style="page-break-before:always"> </H5><P> <DIV style="font-family: 'Times New Roman',Times,serif"> <DIV align="left" style="font-size: 10pt; margin-top: 6pt">In particular, Mr. Downie is entitled to receive his entire severance package if he terminates the agreement on account of having to work for an average of more than three days per week outside of the New York City area in any calendar month. He has been granted this right by Motient despite the fact that: </DIV> <DIV style="margin-top: 6pt"> <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt"> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <TD width="2%" style="background: transparent"> </TD> <TD width="3%" nowrap align="left"><B>•</B></TD> <TD width="1%"> </TD> <TD>He is currently the highest ranking officer of Motient; and</TD> </TR> <TR> <TD style="font-size: 6pt"> </TD> </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <TD width="2%" style="background: transparent"> </TD> <TD width="3%" nowrap align="left"><B>•</B></TD> <TD width="1%"> </TD> <TD>Motient’s headquarters are in Lincolnshire, Illinois, which is approximately 732 miles from New York City.</TD> </TR> </TABLE> </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Failure to hire a CEO or CFO</B> </DIV> <DIV align="left" style="font-size: 10pt">Based on Motient’s public filings, Motient does not appear to have had a chief executive officer or chief financial officer in over two years. We believe that the Motient Board’s failure to appoint capable individuals to fill these roles is a substantial factor with respect to Motient’s lack of vision, mismanagement and accounting issues, and that such Motient Board issues may impair Motient’s ability to attract a capable chief executive officer or chief financial officer.</DIV> <DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Financial Reporting Deficiencies</B> </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt">Motient has repeatedly identified certain deficiencies and material weaknesses in the internal controls over its financial reporting, consistently made late SEC filings, and repeatedly amended a number of its quarterly reports in order to restate financial information, including restatements of financials for the first, second and third quarters of 2005. For example: </DIV> <DIV style="margin-top: 6pt"> <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt"> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <TD width="2%" style="background: transparent"> </TD> <TD width="3%" nowrap align="left"><B>•</B></TD> <TD width="1%"> </TD> <TD>In Motient’s Form 10-K for the year ended December 31, 2005, Motient identified significant deficiencies in the internal controls over financial reporting for the company.</TD> </TR> <TR> <TD style="font-size: 6pt"> </TD> </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <TD width="2%" style="background: transparent"> </TD> <TD width="3%" nowrap align="left"><B>•</B></TD> <TD width="1%"> </TD> <TD>The 2005 Form 10-K states: “The following material weakness has been identified and included in management’s assessment: Management has identified a lack of sufficient oversight and review involved in the quarterly and year-end financial reporting process. In addition, management identified a lack of resources to ensure complete application of generally accepted accounting principles as it relates to non routine transactions. Specifically in 2005, we consummated two merger and acquisition transactions related to two separate entities that we have a material investment in (MSV) or acquired a controlling interest in (TerreStar). This deficiency in the design and implementation of the Company’s internal control over financial reporting resulted in a misstatement to the financial statements for the quarterly reporting periods in 2005. The annual statements provided herein reflect the adjustments for these restatements.”</TD> </TR> <TR> <TD style="font-size: 6pt"> </TD> </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <TD width="2%" style="background: transparent"> </TD> <TD width="3%" nowrap align="left"><B>•</B></TD> <TD width="1%"> </TD> <TD>Its failure to properly reflect in its financial results certain stock compensation expenses incurred in connection with the Company’s ownership of equity interests in MSV caused the restatement of Motient’s quarterly report for the period ending March 31, 2005.</TD> </TR> <TR> <TD style="font-size: 6pt"> </TD> </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <TD width="2%" style="background: transparent"> </TD> <TD width="3%" nowrap align="left"><B>•</B></TD> <TD width="1%"> </TD> <TD>On March 30, 2006, the Company filed Amendment No. 2 to the quarterly report on Form 10-Q for the period ended March 31, 2005 (the “First Quarter 2005 Form 10-Q/A”). This amendment reflects the restatement of the Company’s condensed consolidated financial statements as of and for the three months ended March 31, 2005. The effect of this restatement was to increase the Company’s net loss from $28.5 million as previously reported to $31.1 million as restated for the three months ended March 31, 2005.</TD> </TR> </TABLE> </DIV> <P align="center" style="font-size: 10pt">-10- </DIV> <!-- PAGEBREAK --> <P><HR noshade><P> <H5 align="left" style="page-break-before:always"> </H5><P> <DIV style="font-family: 'Times New Roman',Times,serif"> <DIV style="margin-top: 6pt"> <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt"> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <TD width="2%" style="background: transparent"> </TD> <TD width="3%" nowrap align="left"><B>•</B></TD> <TD width="1%"> </TD> <TD>The company filed amendments to its quarterly reports on Form 10-Q for the periods ended June 30, 2005 (the “Second Quarter Form 10-Q/A”) and September 30, 2005 (the “Third Quarter Form 10-Q/A”) on March 30, 2006. According to the amended second quarter filing, the company again failed to properly reflect certain accounting treatments of equity interests, this time failing to properly record the value of certain warrants issued in February 2005. The restatement reflects an increase in the Company’s net loss from $22.9 million to $25.8 million for the three month period ended June 30, 2005, and an increased net loss for the six month period ended June 30, 2005 from $51.4 million as previously reported to $56.9 million as restated. In the amended Third Quarter Form 10-Q/A, the Company increased its net loss from $18.5 million to $20.1 million for the three month period ended September 30, 2005, and increased its net loss from $69.88 million to $77.0 million for the nine month period ended September 30, 2005.</TD> </TR> <TR> <TD style="font-size: 6pt"> </TD> </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <TD width="2%" style="background: transparent"> </TD> <TD width="3%" nowrap align="left"><B>•</B></TD> <TD width="1%"> </TD> <TD>Motient failed to timely file its Form 10-K reports for fiscal 2005, 2004, 2003 and 2002; and its Form 10-Q reports for the first quarter of fiscal 2006, the second quarter of fiscal 2005, the first quarter of fiscal 2004, the first, second and third quarters of fiscal 2003 and the second and third quarters of fiscal 2002.</TD> </TR> </TABLE> </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Motient’s troubles with financial reporting are not isolated incidents. The pattern of restatements and acknowledgements of internal control weaknesses is a clear indication that Motient’s management of financial reporting is a significant issue that Motient has been unable to remedy to date. </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Stockholder Dilution</B> </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt">As the below chart indicates, Motient stockholders have been and continue to be diluted by the actions of Motient’s management and current board. </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt">Since emerging from bankruptcy, Motient’s fully-diluted share count has more than doubled, from approximately 29.1 million to 69.7 million shares. We believe this increase in share count has decreased the value of Motient shares by approximately <B>$6.20 </B>based on the current implied values of TerreStar and MSV. The advisory and consulting fees paid by Motient to Tejas and CTA over the years have cost Motient shareholders approximately $20.6 million, or <B>$0.71 </B>per share. By Motient pricing its PIPE transactions in 2004 well under the then-current market price, we believe Motient shareholders were diluted by approximately $150.3 million, or <B>$5.16 </B>per share. Finally, if the recently announced sale of Motient’s ownership in MSV to SkyTerra goes forward, Highland estimates that Motient shareholders will be diluted by an additional $442.2 million, or <B>$15.20 </B>per share, which does not include the taxes that each Motient shareholder will have to pay upon receipt of SkyTerra shares. </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thus, long-term Motient shareholders will have been <B>diluted by at least $27 per share </B>in value. </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Help us put a stop to the bleeding by electing our slate of directors who will work diligently to increase stockholder value.</B> </DIV> <P align="center" style="font-size: 10pt">-11- </DIV> <!-- PAGEBREAK --> <P><HR noshade><P> <H5 align="left" style="page-break-before:always"> </H5><P> <DIV style="font-family: 'Times New Roman',Times,serif"> <DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><IMG src="d36732d3673275.gif" alt="(ANALYSIS OF SHARE PRICE DILUTION CHART)"> </DIV> <P align="center" style="font-size: 10pt">-12- </DIV> <!-- PAGEBREAK --> <P><HR noshade><P> <H5 align="left" style="page-break-before:always"> </H5><P> <DIV style="font-family: 'Times New Roman',Times,serif"> <DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Poor Operational Performance</B> </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt">Motient has a history of poor operating performance. In its only operating business, the company has reported declining year-over-year revenues for the past three years, a 67% increase in operating expenses for the year ended December 31, 2005 as compared to the year ended December 31, 2004 and a net loss for the year ended December 31, 2005 of $158.4 million on revenues of $13.8 million, down from revenues of $36.9 million and $54.5 million for the years ended December 31, 2004 and 2003, respectively. </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>The Opportunity</B> </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt"> As wireless service providers face increasing spectrum constraints due to the growing demand for bandwidth intensive wireless applications, the spectrum that providers of advanced satellite communication services possess is becoming increasingly more valuable. Consequently, greater interest is being shown in companies like TerreStar and MSV that are well positioned to provide these much needed services and spectrum. Since it is expected that emerging next generation wireless applications will drive demand for greater wireless capacity, we can conclude that MSS/ATC spectrum will become increasingly valuable to wireless service providers as they face spectrum constraints. </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt">As a result, the S- and L-band spectrum indirectly owned by Motient are highly desirable assets. The S- and L-band spectrum will allow Motient to offer ubiquitous satellite and terrestrial wireless service across North America, and the assets would give a wireless provider a large national footprint in a single spectrum band with the added benefit of redundancy from the satellite portion of the network. </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt">There are a variety of strategic options available to Motient that are worth exploring. For example, existing carriers, cable companies, DBS, new entrants, and the government are all potential operating partners for both TerreStar and MSV. To offset the cost associated with constructing the satellites and terrestrial network, another option available to Motient would be to seek a combination or joint venture agreement with other MSS providers or existing carriers. </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt">Motient’s interests in TerreStar and MSV have the potential to produce substantial value for all Motient stockholders. However, the multiple opportunities for value creation require management to conduct a rigorous process, including robust analysis and consideration of various alternatives. </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Please click here for <I>An Overview of Strategic and Valuation Considerations For Motient Corporation</I>, written by Niles Chura. Mr. Chura is a portfolio manager at Highland Capital, responsible for $1.5 billion plus of telecommunications industry investments, and is one of Highland Capital’s nominees for Motient’s Board of Directors. </DIV> <P align="center" style="font-size: 10pt">-13- </DIV> <!-- PAGEBREAK --> <P><HR noshade><P> <H5 align="left" style="page-break-before:always"> </H5><P> <DIV style="font-family: 'Times New Roman',Times,serif"> <DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>An Overview of Strategic and Valuation Considerations</B> </DIV> <DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>For</B> </DIV> <DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Motient Corporation</B> </DIV> <DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>May 2006</B> </DIV> <P align="center" style="font-size: 10pt">-14- </DIV> <!-- PAGEBREAK --> <P><HR noshade><P> <H5 align="left" style="page-break-before:always"> </H5><P> <DIV style="font-family: 'Times New Roman',Times,serif"> <DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-family: Wingdings">×</FONT> <B>Objective</B> <FONT style="font-family: Wingdings">Ø</FONT> </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt">The intent of this paper is to provide long-term investors with an assessment of the opportunities and risks facing Motient Corporation (“<U>Motient</U>” or the “<U>Company</U>”) and to evaluate how management can best use Motient’s assets to maximize value for existing stockholders. </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-family: Wingdings">×</FONT> <B>Trends and Influencing Factors</B> <FONT style="font-family: Wingdings">Ø</FONT> </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt">The telecommunications industry is nearing a “tipping point.” Improved technology, shifting customer demand and the priorities of governmental entities are coming together to shape how people communicate in the future. Motient, by virtue of its assets, is well-positioned to become an important player in the wireless market of the future. </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt">Recent technological developments have resulted in consumer devices that are cheaper, smaller and more flexible. When these improvements are combined with networks made smarter by new architectures, such as IMS,<SUP style="font-size: 85%; vertical-align: text-top">1</SUP> carriers will be able to address the rising demand for mobile converged voice and data services. Given the proliferation of these technologies and changing demographics, demand for advanced capabilities is not restricted to major urban markets. Rural communities are aggressively seeking investments in broadband access and consumers want to be able to communicate regardless of location both for business and personal purposes. To address their needs, public and commercial constituencies are looking to regulators and legislators to facilitate access to incremental wireless spectrum. With its wireless licenses, Motient can uniquely address not only the need for additional spectrum, but also the development of an advanced wireless network without the burden of legacy infrastructure. </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-family: Wingdings">×</FONT> <B>Organizational Structure </B> <FONT style="font-family: Wingdings">Ø</FONT> </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt">Motient’s two primary assets are its majority ownership of TerreStar Networks Inc. (“<U>TerreStar</U>”) and direct and indirect equity ownership of Mobile Satellite Ventures LP (“<U>MSV</U>”). Motient, under its current structure, has 54.3% ownership of TerreStar, which indirectly holds 20 MHz S-band spectrum, and 43.4% ownership of MSV, which owns 30 MHz of L-band spectrum. Additionally, the Company operates a two-way terrestrial wireless data communication service through Motient Communications Inc., a wholly-owned subsidiary of the Company. </DIV> <DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="d36732d3673281.gif" alt="(FLOW CHART)"> </DIV> <P align="center" style="font-size: 10pt">-15- </DIV> <!-- PAGEBREAK --> <P><HR noshade><P> <H5 align="left" style="page-break-before:always"> </H5><P> <DIV style="font-family: 'Times New Roman',Times,serif"> <DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-family: Wingdings">×</FONT> <B>Spectrum as a Source of Value </B> <FONT style="font-family: Wingdings">Ø</FONT> </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt">While Motient has existing operations,<SUP style="font-size: 85%; vertical-align: text-top">2</SUP> the ability of TerreStar and MSV to exploit their respective Mobile Satellite Service / Ancillary Terrestrial Component (“<U>MSS/ATC</U>”) approval for the wireless licenses they control will be the primary determinant of the ultimate value of the Company.<SUP style="font-size: 85%; vertical-align: text-top">3</SUP> The S- and L-band spectrum indirectly owned by Motient through TerreStar and MSV, respectively, offer highly desirable attributes. In particular, the wireless licenses (i) are “beachfront property”,<SUP style="font-size: 85%; vertical-align: text-top">4</SUP> (ii) are licensed,<SUP style="font-size: 85%; vertical-align: text-top">5</SUP> and (iii) provide a national footprint.<SUP style="font-size: 85%; vertical-align: text-top">6</SUP> The national footprint is unique in regards to existing licenses, especially given the relatively large amount of spectrum available in the S- and L-bands. </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Public Safety and First Responder Demand:</U> Growing interest in MSS/ATC spectrum is not limited to the commercial sector. Recent events have focused the attention of elected officials and regulators on the importance of robust communications services, especially wireless. Notable issues are as follows: </DIV> <DIV style="margin-top: 6pt"> <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt"> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <TD width="2%" style="background: transparent"> </TD> <TD width="3%" nowrap align="left"><B>•</B></TD> <TD width="1%"> </TD> <TD>Problems encountered during the aftermath of September 11, 2001 and Hurricane Katrina demonstrated a need for reliable government communications in times of emergency.<SUP style="font-size: 85%; vertical-align: text-top">7</SUP></TD> </TR> <TR> <TD style="font-size: 6pt"> </TD> </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <TD width="2%" style="background: transparent"> </TD> <TD width="3%" nowrap align="left"><B>•</B></TD> <TD width="1%"> </TD> <TD>The present Chairman of the FCC has made it clear that he is extremely sensitive to the needs of federal and local public safety agencies. He has also indicated that he is committed to ensuring the integrity of the communication network in times of emergency.<SUP style="font-size: 85%; vertical-align: text-top">8</SUP></TD> </TR> </TABLE> </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt">According to recent industry research, the government/military sector has boosted demand for MSS services and recent years have shown the MSS industry to be invaluable in supporting disaster preparedness and recovery activities, military applications, and other critical civil requirements.<SUP style="font-size: 85%; vertical-align: text-top">9</SUP> </DIV> <DIV align="left" style="font-size: 10pt; margin-top: 6pt">The inherent capabilities of MSS/ATC (national footprint, redundancy) are well-suited to address these as well as other politically important matters, such as the abili
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