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BREAKING - LightSquared to file for bankruptcy (Another Obama Porkulus Crony!)
CNN ^ | 5-14-12 | David Goodman

Posted on 05/14/2012 11:20:08 AM PDT by 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

(Excerpt) Read more at money.cnn.com ...


TOPICS: Business/Economy; Front Page News; Government; Politics/Elections
KEYWORDS: 2012; agw; agwfraud; corruption; crony; democrats; fraud; greenfraud; greenscam; lightsquared; nobama2012; nodemocrats2012; obama; porkulus; taxcheatparty; taxes; thegreenlie
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!

1 posted on 05/14/2012 11:20:22 AM PDT by tcrlaf
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To: tcrlaf

2 posted on 05/14/2012 11:22:17 AM PDT by Red Badger (Think logically. Act normally.................)
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To: tcrlaf

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


3 posted on 05/14/2012 11:23:41 AM PDT by T-Bird45 (It feels like the seventies, and it shouldn't.)
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To: tcrlaf

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...........


4 posted on 05/14/2012 11:24:19 AM PDT by Red Badger (Think logically. Act normally.................)
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To: tcrlaf
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.
5 posted on 05/14/2012 11:27:55 AM PDT by jazusamo ("Intellect is not wisdom" -- Thomas Sowell)
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To: 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...........”

Exactly.


6 posted on 05/14/2012 11:28:51 AM PDT by stephenjohnbanker (God, family, country, mom, apple pie, the girl next door and a Ford F250 to pull my boat.)
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To: tcrlaf

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


7 posted on 05/14/2012 11:31:42 AM PDT by TexasCajun
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To: tcrlaf

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


8 posted on 05/14/2012 11:35:36 AM PDT by AmonAmarth (Wherever you go...There you are)
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To: AmonAmarth

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


9 posted on 05/14/2012 11:43:35 AM PDT by Eric in the Ozarks
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To: tcrlaf

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


10 posted on 05/14/2012 11:44:03 AM PDT by Leep (Enemy of the Statist)
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To: tcrlaf

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


11 posted on 05/14/2012 11:48:38 AM PDT by tbw2
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To: tcrlaf

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.


12 posted on 05/14/2012 11:49:35 AM PDT by DManA
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To: Red Badger

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.


13 posted on 05/14/2012 11:50:09 AM PDT by MrB (The difference between a Humanist and a Satanist - the latter knows whom he's working for)
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To: tcrlaf

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?


14 posted on 05/14/2012 11:50:21 AM PDT by Obadiah (2008: Hope & Change -- 2012: Fear & Retribution)
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To: MrB

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


15 posted on 05/14/2012 11:53:21 AM PDT by Red Badger (Think logically. Act normally.................)
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To: tcrlaf

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


16 posted on 05/14/2012 12:00:44 PM PDT by longtermmemmory (VOTE! http://www.senate.gov and http://www.house.gov)
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To: tcrlaf

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.


17 posted on 05/14/2012 12:04:11 PM PDT by Techster
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To: AmonAmarth

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.


18 posted on 05/14/2012 12:23:53 PM PDT by JaguarXKE
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To: MrB

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


19 posted on 05/14/2012 12:27:00 PM PDT by expat2
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To: tcrlaf
Good Riddance!

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

20 posted on 05/14/2012 12:29:04 PM PDT by Paleo Conservative
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To: 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.

You are right. They seem to have gotten zero from President Obama's stash. But being Democrat mega-donors they were exerting enormous pressure on the O Regime to get regulatory approval, which was denied.

21 posted on 05/14/2012 1:11:14 PM PDT by dennisw
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To: tbw2

I thought of that also. Good riddance to bad tech, hopefully.


22 posted on 05/14/2012 2:21:41 PM PDT by matt04
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To: 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.

That's the real story here.

23 posted on 05/14/2012 4:40:15 PM PDT by BfloGuy (The final outcome of the credit expansion is general impoverishment.)
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To: tcrlaf

This is why central planning never succeeds.


24 posted on 05/14/2012 4:57:27 PM PDT by GeronL (The Right to Life came before the Right to Pursue Happiness)
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To: dennisw

“I’ll tell you something. This country is going to the dogs. You know, it used to be when you bought a politician, that son of a bitch stayed bought.” Roy L. Fuchs


25 posted on 05/14/2012 4:58:49 PM PDT by DManA
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To: BfloGuy
That's the real story here.

It sure is, and without the testimony of Gen. Shelton, Falcone and this corrupt administration would have more than likely pulled this off, I have much respect for Shelton.

26 posted on 05/14/2012 5:05:21 PM PDT by jazusamo ("Intellect is not wisdom" -- Thomas Sowell)
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To: dennisw

I thought Obama had a 4G for the masses plan. Didn’t he talk that up a while ago? It seemed obvious that Lightsquared was positioned to be the vehicle for this, and would have gotten federal money as a supplier to the program.


27 posted on 05/14/2012 6:23:26 PM PDT by dr_lew
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To: DManA

That’s a good line. Kind of like the hack, George Washington Plunkitt, who expounded on graft and why he only practiced honest graft

https://www.google.com/search?sourceid=chrome&ie=UTF-8&q=honest+graft


28 posted on 05/14/2012 6:38:42 PM PDT by dennisw
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To: dr_lew

“I thought Obama had a 4G for the masses plan.”

The welfare masses already can get free cell phones...so just up that to free smart phones


29 posted on 05/14/2012 6:40:40 PM PDT by dennisw
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To: tcrlaf

This may be the biggest corporate f***-up in U.S. history. Sinking billions of dollars into a comm technology that shuts-down GPS navigation — our primary military targeting system and civil fixing system. Meanwhile, in receivership Calypso Wireless (in which I have stock) has the patent on the technology that would probably have allowed them to succeed.


30 posted on 05/14/2012 6:59:43 PM PDT by pabianice
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