SlashGear for iPad and iPhone
RSS Feed

‘lightsquared’ Stories

LightSquared files bankruptcy

, May 15th 2012 Discuss [0]

LightSquared has announced that it is officially filing for bankruptcy. The company had hinted that bankruptcy might be its next option in early April. The company has laid off many workers and still holds out hope that it might be able to resolve the concerns of US regulators who have so far blocked the wireless broadband network. The concerns about the LightSquared stem from harmful interference of its network with many GPS devices already on the market. Read The Full Story

LightSquared sacrifices director to save LTE scheme

, Apr 30th 2012 Discuss [4]

Beleaguered would-be 4G carrier LightSquared could eke out an extension on its financing, if outspoken director Philip Falcone agrees to step down and concede to anti-bankruptcy provisions. LightSquared faces the expiration of a debt-terms violations waiver later today, but according to insiders whispering to the WSJ could extend that for a week if Falcone drops out of public sight. However, Falcone's presence isn't the only aspect worrying investors: there are also concerns that he could push for bankruptcy and leave lenders with nothing. Read The Full Story

LightSquared wins 2-year life bonus

, Apr 20th 2012 Discuss [2]

It appears that LightSquared will have an extra 2-year window to earn regulatory approval for its LTE mobile network spectrum as Inmarsat cuts them a break in the face of almost certain doom. This company. LightSquared, has been seeking approval to use a combination of satellite and terrestrial signals for months now, being turned down by the FCC in the face of breaking down GPS signals. While the FCC's current position would otherwise mean LightSquared would not be able to survive the summer, the group from which they're renting spectrum now has granted them a reprieve until March 31st, 2014. Read The Full Story

LightSquared on the brink as Falcone considers bankruptcy

, Apr 5th 2012 Discuss [1]

Hedge fund manager Philip Falcone had big dreams for LightSquared. The original plan was for the company to provide wireless LTE broadband using frequencies very near those that GPS devices rely on. The idea sounded good at first and things are progressing rapidly until LightSquared came to the point where testing to be sure LightSquared devices wouldn't interfere with GPS begun. Read The Full Story

LightSquared puts on brave face as carriers abandon ship

, Mar 16th 2012 Discuss [5]

LightSquared's yanked Sprint deal has been confirmed, with the carrier announcing that it would indeed be returning $65m in prepayments and tearing up the fifteen year spectrum hosting agreement after the FCC blocked LTE roll-out plans. Rumored earlier today, the break-up leaves LightSquared without a significant backer as it faces continued regulatory opposition over concerns that its 4G broadband plans could interfere with GPS service. However, LightSquared argues that the news actually works in its favor. Read The Full Story

LightSquared loses carrier backing as LTE FCC defense prepared

, Mar 16th 2012 Discuss [0]

Beleaguered would-be LTE provider LightSquared faces another imminent set-back, insiders claim, with another high-profile investor supposedly set to cancel a contract after the FCC roadblocked network rollout. LightSquared will get $65m back in prepayments, the WSJ's sources say, when Sprint announces it is tearing up its agreement, with the decision expected to be made public today. Read The Full Story

LightSquared prepares to battle the FCC, hires two top lawyers

, Mar 14th 2012 Discuss [2]

Things have been looking bleak for LightSquared recently: the FCC denied it the ability to use its spectrum for an LTE rollout due to the risk of GPS being affected. LightSquared is also on the verge of running out of cash, having recently missed a payment on a $56 million loan from a British bank, and has also cut its workforce by 45%. Vowing not to go quietly into the night, LightSquared is reportedly getting ready to fight back. Read The Full Story

LightSquared dims as 45% of workforce is slashed

, Feb 22nd 2012 Discuss [6]

Things around the LightSquared offices have to be looking dim at this point. While the managers of the company continue to fight to get their proposed wireless 4G network approved, denials keep streaming in. LightSquared has announced that is having take rather drastic measures to save money and attempt to stay afloat. The company has announced that it is shedding 45% of its 330 person workforce. Read The Full Story

LightSquared blasts FCC over “bureaucratic irresponsibility”

, Feb 16th 2012 Discuss [5]

LightSquared has accused the FCC of "the height of bureaucratic irresponsibility" and of being the puppet of scheming politicians, as the company sees its 4G aspirations rapidly fade. Responding officially to the FCC ruling against the LightSquared's LTE plans earlier this week, the injured company argued that US government toadying to the GPS lobby damaged not only its own business but harmed "the American public." Read The Full Story

LightSquared schemes spectrum swap

, Feb 15th 2012 Discuss [4]

This week the LightSquared group has received word from the FCC that they will not be able to use airwaves otherwise used by GPS signals, so today we're to understand that the group will be seeking to exchange its licenses for ones currently operated by the US Department of Defense. The LightSquared fourth generation mobile broadband service appears to be using this strategy to keep their otherwise shot-down company afloat as the FCC revokes their waiver allowing the network to operate. Read The Full Story

Lights out for LightSquared

, Feb 15th 2012 Discuss [4]

LightSquared is likely to run out of cash within a matter of months, analysts have predicted, after rejection of the company's LTE scheme leaves little room to renegotiate vast borrowing costs. The FCC ruled yesterday that the risk of GPS interference was simply too great to allow LightSquared's wireless broadband plans to go ahead, withdrawing its preliminary approval for a 4G network roll-out. Primary investor Harbinger Capital Partners has already seen around $1.5bn in investments wiped out after conceding a significant cut in value last year, and now, Bloomberg's sources claim, faces huge a 15-percent interest rate on an outstanding $190m loan. Read The Full Story

FCC protects “too big to fail” GPS from LightSquared interference

, Feb 14th 2012 Discuss [14]

Today it appears that the FCC has laid down their final (or near-final) judgement of the LightSquared ruling, this judgement saying that because LightSquared's method for transmitting broadband internet interfered with GPS signals across the USA, they would not be allowed to operate. LightSquared has of course again contested the ruling saying that the testing done by the FCC was "severely flawed" and that they "profoundly disagree" with the results, equating the GPS market with "too big to fail" companies of early 2011 - bailout-receivers like the auto industry here in the USA. Read The Full Story
Pages: 1 2 Next