Hopefully liquidation will follow soon.
On 05/15/12, J. Forster<j...@quikus.com> wrote: CHICAGO (MarketWatch) A-- LightSquared Inc. a venture of hedge-fund manager Philip Falcone was teetering on the verge of bankruptcy Sunday as talks with lenders to avoid going bust have faltered, The Wall Street Journal reports, citing unnamed sources. Reuters Hedge fund manager Philip Falcone, LightSquaredA's main backer. The parties have until 5 p.m. Eastern Monday to keep LightSquared out of Chapter 11 but the sides remain far apart, the newspaper reported, and some people involved see the company ready to make preparations for bankruptcy. LightSquaredA's board was slated to meet Sunday to talk about authorizing a bankruptcy filing, the Journal reported, and it is likely to come before Monday evening. LightSquared needs an extension of a debt-term violations waiver that expires Monday but Falcone and the lenders could not agree on how much of a stake in the venture would be ceded to get it. FalconeA's hedge fund, Harbinger Capital Partners, is LightSquaredA's main backer. He has put billions of dollars of his and his investorsA' money into the venture, which is aimed at competing with AT&T T -0.54% <[1]http://www.marketwatch.com/investing/stock/T?link=MW_story_quote> , Verizon VZ +0.29% <[2]http://www.marketwatch.com/investing/stock/VZ?link=MW_story_quote> and others to sell wireless service wholesale. However, his attempt to create a nationwide high-speed mobile broadband network have been blocked by federal regulators who say theyA're concerned it could interfere with Global Positioning System signals. William Spain is a MarketWatch staff writer in Chicago. _______________________________________________ time-nuts mailing list -- [3]time-nuts@febo.com To unsubscribe, go to [4]https://www.febo.com/cgi-bin/mailman/listinfo/time-nuts and follow the instructions there. References 1. http://www.marketwatch.com/investing/stock/T?link=MW_story_quote 2. http://www.marketwatch.com/investing/stock/VZ?link=MW_story_quote 3. mailto:time-nuts@febo.com 4. https://www.febo.com/cgi-bin/mailman/listinfo/time-nuts _______________________________________________ time-nuts mailing list -- time-nuts@febo.com To unsubscribe, go to https://www.febo.com/cgi-bin/mailman/listinfo/time-nuts and follow the instructions there.