On August 3, 2009, at the 2009 Annual Meeting of Stockholders of TerreStar Corporation Jeffrey W. Epstein was nominated as a Director of the Company from the floor at the Annual Meeting and was elected as a Director of the Company to serve until the next annual meeting of stockholders or until his successor is elected and qualified. The election of Mr. Epstein to the Board filled a vacancy on the Board and, following his election, the size of the Board was eight members with no vacancies. Since April 2008, Mr. Epstein has served as the President and principal executive officer of the Company. He served as the Senior Vice President, General Counsel and Secretary from September 2006 to December 2008.

TerreStar Corporation announced that TerreStar-1, the world's largest, most advanced commercial communications satellite, has been successfully placed into its assigned orbital slot in the geosynchronous arc and has successfully deployed its 18 meter 2GHz S Band reflector, the commercial satellite antenna ever deployed. TerreStar-1 is now poised to deliver the voice, data and video services over TerreStar's all IP next-generation mobile broadband network that combines the power of TerreStar-1, an all-IP core network, and the latest in smartphone technology.

On July 13, 2009 the Audit Committee of the Board of Directors of TerreStar Corporation appointed Ernst & Young to serve as the Company's independent registered public accounting firm and dismissed former independent registered public accounting firm, Friedman LLP. Ernst & Young was engaged by the Company on July 13, 2009 and the change in auditors became effective on July 13, 2009.