BREAKING - LightSquared to file for bankruptcy (Another Obama Porkulus Crony!)

CNN ^ | 5-14-12 | David Goodman

[tcrlaf]

Unable to reach a deal with its lenders, upstart wireless carrier LightSquared will file for bankruptcy Monday, according to two sources with knowledge of the company's plans.

The move has been widely expected, since the company's options for appeasing its creditors were running out. LightSquare's lenders claim that it has been in default on its debt since its $9 billion partnership with Sprint Nextel

[tcrlaf]

Someone might want to check if Barack Obama has the Minus Midus touch lately, because companies that come into contact with his Porkulus package keep heading towards insolvency.

First we had Solyndra, followed by Beacon Power and Open Range, EnerDel, A123, THINK!, etc., with a campaign-financing detour to MF Global. Now LightSquared...

YOUR TAX DOLLARS AT WORK, electing Democrats!

[Red Badger]

[T-Bird45]

Hopefully, this will finally derail LightSquared’s technology that would have killed GPS signals.

[Red Badger]

If the companies were viable, they wouldn’t have needed a bailout in the first place. They would be raking in cash faster than they could put it to work...........

[jazusamo]

I imagine Falcone is livid after all the money he funneled to Obama and Dems didn't get him final approval on his fast track under the table deal.

[stephenjohnbanker]

” If the companies were viable, they wouldn’t have needed a bailout in the first place. They would be raking in cash faster than they could put it to work...........”

Exactly.

[TexasCajun]

Where’s the list of failed “Obamah Investments”?

[AmonAmarth]

wow that was “unexpected” Never seen that coming.. /sarc/

[Eric in the Ozarks]

I never expected this to really happen.
Glad to see the wooden stake hammered into its heart at last.

[Leep]

I think the Obama’s deserve another vacation. Destroying America is exhausting “work”

[tbw2]

This is wonderful news, because LightSquared’s technology was found in repeated tests to screw up most private GPS systems.

[DManA]

I could be wrong but I don’t think Lightsquared got bailout money. What started out as special treatment in getting access to this spectrum turned out to be a head fake that tricked them into investing $billions of private capital only to have the rug pulled out from beneath them.

Don’t misunderstand, it would have been a debacle if they had been allowed to use this spectrum.

[MrB]

Joke’s on us, though.

These companies were INTENDED to go bankrupt.
They are simply money laundering schemes to rob your grandchildren and pay off 0bama’s donors.

[Obadiah]

Maybe I missed it when I read the article, but I saw no mention - none - of the fact that Lightsquared received billions from Obama or that managers and financial guys bundled milliosn for Obama in return. Not one peep. So who is more guilty Lightsquared or the corrupt MSM who deliberately hide this information?

[Red Badger]

This country cannot afford another 4 years of this thug..........

[longtermmemmory]

i thought he had personal investment in this? as in his own money.

[Techster]

Good riddance! Anyone with the slightest knowledge of satellite vs ground based radio signals knows you can not use the same spectrum for the two at the same time.

[JaguarXKE]

Remeber all the main stream coverage when the Administration tried to get Gen Shelton, CC of Space Command, to alter his congressional testimony about the effects of L2 on GPS? Remember all that coverage? Me neither.

[expat2]

Right on. Just like Mel Brooks’ play/movie “The Producers”. Also, an old Chicago mob ploy called a ‘bust-out’.

[Paleo Conservative]

Good Riddance!

LightSquared's business plan was to interfere with the GPS system.