Sat, Apr 07, 2012
Philip Falcone Said The Talks Are 'Serious'
LightSquared's orbit may be decaying towards a catastrophic re-entry. Hedge fund manager Philip Falcone says that the company is "seriously considering" filing for protection from creditors, according to a report from Reuters.
The company suffered $427 million in losses in the first nine months on 2011, according to Falcone. It also was told by the FCC that it would not be allowed to begin operation of its 4G broadband wireless data network until it could prove that it would not interfere with deployed GPS receivers. The company would maintain the spectrum, which has value in the marketplace.
When the FCC revoked LightSquared's waiver to operate on frequencies adjacent to those used by GPS, Falcone said the company would continue to look for ways to deploy its nationwide wireless network. This talk of bankruptcy would seem to counter those statements.
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