Former Cirrus CEO Reportedly In Talks With China To Back The Company
ANN April 1st Special Edition
ANN learned April 1st that Brent Wouters has been named as the new president and CEO of LightSquared, even as that company already seems headed for the history books. Wouters is reportedly in discussions with the Chinese government to acquire a major stake in the company. David Riggs has been mentioned as coming on board as COO.
A LightSquared insider said that the Chinese began to take a serious interest in the company when it learned about the ability of the 4G LTE system to jam GPS signals. "They'd love to be able to interfere with every GPS currently in use in the U.S. and elsewhere," said the source, who was not authorized to speak to the media. "What better way than to get involved with a company that claims to want to help the U.S. consumer by offering affordable access to the Internet."
The LightSquared insider said Wouters just seemed like the perfect fit for the position. "He already knows how to clandestinely deal with the Chinese ... and spin this to the American public like it's a good thing. China manufactures so many of the consumer goods that connect to the Internet that they knew they'd be seen more as saviors than villains."