LightSquared considering bankruptcy after being derailed by regulators

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LightSquared founder Phillip Falcone said he may consider voluntary bankruptcy for his troubled wireless broadband venture, <em>Bloomberg</em> reported on Wednesday. “There are arguments that we would be better off in bankruptcy than not,” Falcone said. “LightSquared, if I have to, I’ll put it into bankruptcy. I don’t care,” adding that he would maintain control of the company if it were to file. LightSquared planned to build a high-speed data network that would cover as many as 260 million users, however it failed to gain approval from federal regulators. The FCC <a href="http://www.bgr.com/2012/02/15/fcc-to-block-rollout-of-lightsquared-4g-lte-network/">blocked LightSquared’s LTE network</a> in February due to concerns surrounding interference with GPS systems. Through his hedge fund Harbinger Capital Partners, Falcone has invested roughly $3 billion in the failed venture. Bankruptcy is “not what I want, not what I desire, I’d rather find a different way out,” he said. <span id="more-134592"></span>

<a href="http://www.bloomberg.com/news/2012-04-04/falcone-says-bankruptcy-is-an-option-for-lightsquared.html">Read</a>

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Via BRG - Boy Genius Report