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Exclusive: Falcone mulls voluntary bankruptcy for LightSquared

kaffeenjunkie Wrote: Apr 09, 2012 7:23 PM

It is a little more than "interference issues." He has been flat out told no by the FAA, the FCC and Congress because his plans for nationwide broadband system will interfere with GPS signals for military and civilian uses. He has blamed his problems on the entire GPS industry claiming they are at fault for not sheilding their units from his broadband signal. He has threatened to sue the government for not allowing him to building his broadband system. Why is this guy still persuing this? Sure am glad I don't money invested in his funds or company.

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Exclusive: Falcone mulls voluntary bankruptcy for LightSquared

NEW YORK (Reuters) - Hedge fund manager Philip Falcone said in an interview on Wednesday he is "seriously considering" filing a voluntary bankruptcy for LightSquared, the struggling telecom startup in which his Harbinger Capital Partners is the majority owner.

Falcone said a bankruptcy is one option he is considering as he tries to find a way to salvage the company and keep its creditors at bay.

He said a bankruptcy would allow the company time to find a way to deal with communications interference issues that have arisen with the planned buildout of a nationwide wireless broadband network.

Falcone said...

Related Tags: Bankruptcy LightSquared