LightSquared considering bankruptcy after being derailed by regulators

[DaMan]

<center><a href="http://www.bgr.com/2012/04/05/lightsquared-considering-bankruptcy-after-being-derailed-by-regulators"><img class="size-full wp-image-111201 aligncenter" title="lightsquared-logo" src="http://www-bgr-com.vimg.net/wp-content/uploads/2011/11/lightsquared-logo.jpg" alt="" width="650" height="169" /></a></center>

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>

<img src="http://feeds.feedburner.com/~r/TheBoyGeniusReport/~4/YsuxfMJi4ag" height="1" width="1"/>

 

Via BRG - Boy Genius Report