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LightSquared Files For Bankruptcy

Posted by Soulskill on from the can't-wait-for-the-new-conspiracy-theories dept.

fallen1 writes "Wireless broadband company LightSquared has filed for bankruptcy. In filings with U.S. Bankruptcy court, it was revealed that LightSquared had assets and debts of over $1 billion each. The decision followed a year-long fight between LightSqaured and GPS users — including some heavyweights like FedEx and UPS. Apparently Boeing and Alcatel-Lucent are heavily invested, but it would be interesting to see what the old Bell Labs could do with the technology."

2 of 138 comments (clear)

  1. Nothing to see here... by Defenestrar · · Score: 4, Informative

    This was decided way back at the final interference testing. This is merely formalizing the failure of the business.

  2. Re:It's a shame this couldn't be mutually resolved by bobbied · · Score: 5, Informative

    Did you miss the part in TFA where it explained that "LightSquared invested $4 billion in airwaves"? 4 Billion is still a lot of money, at least where I come from. I suppose for a nationwide network it probably pales in comparison to what AT&T or Verizon hold, but it is still a substantial investment. I wonder if the FCC will give them a refund on all those unused EM rays?

    Oh sure, 4$ billion is a lot of money. Problem here is Verizon, AT&T, Sprint etc spent even more for spectrum space allotted for high power use and Light Squared was trying to buy cheap spectrum and then get the rules changed. There was no way they could afford spectrum allotted for this kind of use and make their business model work. The licenses they have purchased can be sold to pay their creditors, but I don't think the FCC is going to give them a refund.

    Bye Bye Light Squared...

    --
    "File to fit, pound to insert, paint to match" - Aircraft Maintenance 101