[time-nuts] LightSquared going bankrupt

Peter Gottlieb nerd at verizon.net
Tue May 15 19:40:44 UTC 2012


    Hopefully liquidation will follow soon.


   On 05/15/12, J. Forster<jfor at quikus.com> wrote:

   CHICAGO (MarketWatch) A-- LightSquared Inc. a venture of hedge-fund
   manager
   Philip Falcone was teetering on the verge of bankruptcy Sunday as talks
   with lenders to avoid going bust have faltered, The Wall Street Journal
   reports, citing unnamed sources.
   Reuters
   Hedge fund manager Philip Falcone, LightSquaredA's main backer.
   The parties have until 5 p.m. Eastern Monday to keep LightSquared out
   of
   Chapter 11 but the sides remain far apart, the newspaper reported, and
   some
   people involved see the company ready to make preparations for
   bankruptcy.
   LightSquaredA's board was slated to meet Sunday to talk about
   authorizing a
   bankruptcy filing, the Journal reported, and it is likely to come
   before
   Monday evening.
   LightSquared needs an extension of a debt-term violations waiver that
   expires Monday but Falcone and the lenders could not agree on how much
   of a
   stake in the venture would be ceded to get it.
   FalconeA's hedge fund, Harbinger Capital Partners, is LightSquaredA's
   main
   backer.
   He has put billions of dollars of his and his investorsA' money into
   the
   venture, which is aimed at competing with AT&T T -0.54%
   <[1]http://www.marketwatch.com/investing/stock/T?link=MW_story_quote> ,
   Verizon VZ +0.29%
   <[2]http://www.marketwatch.com/investing/stock/VZ?link=MW_story_quote>
   and
   others to sell wireless service wholesale.
   However, his attempt to create a nationwide high-speed mobile broadband
   network have been blocked by federal regulators who say theyA're
   concerned
   it could interfere with Global Positioning System signals.
   William Spain is a MarketWatch staff writer in Chicago.
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References

   1. http://www.marketwatch.com/investing/stock/T?link=MW_story_quote
   2. http://www.marketwatch.com/investing/stock/VZ?link=MW_story_quote
   3. mailto:time-nuts at febo.com
   4. https://www.febo.com/cgi-bin/mailman/listinfo/time-nuts



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