Hours away from defaulting on debt, LightSquared filed for bankruptcy protection. The company has said it would use the shelter of Chapter 11 to buy time in its fight to build its nationwide LTE network, but this could just be a prelude to a liquidation of assets. Read more »
LightSquared is preparing for a potential bankruptcy filing on Monday as it has made little progress in its negotiations with debtholders. If LightSquared does enter into bankruptcy it might find Dish Network waiting, eager to relieve it of its spectrum. Read more »
LightSquared’s lenders view the company’s CEO and principle financial backer Philip Falcone as the biggest threat to whatever remains of LightSquared’s chances to get its nationwide LTE network. To remove that threat, Falcone is removing himself as CEO, according to the Wall Street Journal. Read more »
LightSquared’s backer, Philip Falcone, explained on Thursday his rationale for a voluntary bankruptcy filing for the planned wholesale LTE network, but given the paucity of actual assets in LightSquared, and the fact that Falcone has invested billions so far into LightSquared, this is almost a no-brainer. Read more »
Carl Icahn has been quietly buying up LightSquared’s debt a rock bottom prices, which would put the activist investor in position to take over the company in the increasingly likely event of bankruptcy. But would there be anything left of LightSquared to salvage? Read more »
LightSquared isn’t just fighting the government and the GPS industry for the right to build its nationwide LTE network; it’s also fighting the clock. In a financial statement released to Reuters, LightSquared revealed it may run out of cash early next year. Read more »
President Obama’s gotten hit with a one-two punch in recent weeks with two scandals that share some surprising similarities surrounding risky tech startups, politics, money and the question of how to create innovation around infrastructure, one for energy and the other for communications. Read more »
