Skip to comments.BREAKING - LightSquared to file for bankruptcy (Another Obama Porkulus Crony!)
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 ...
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!
Hopefully, this will finally derail LightSquared’s technology that would have killed GPS signals.
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...........
” If the companies were viable, they wouldnt have needed a bailout in the first place. They would be raking in cash faster than they could put it to work...........”
Where’s the list of failed “Obamah Investments”?
wow that was “unexpected” Never seen that coming.. /sarc/
I never expected this to really happen.
Glad to see the wooden stake hammered into its heart at last.
I think the Obama’s deserve another vacation. Destroying America is exhausting “work”
This is wonderful news, because LightSquared’s technology was found in repeated tests to screw up most private GPS systems.
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.
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.
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?
This country cannot afford another 4 years of this thug..........
i thought he had personal investment in this? as in his own money.
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.
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.
Right on. Just like Mel Brooks’ play/movie “The Producers”. Also, an old Chicago mob ploy called a ‘bust-out’.
LightSquared's business plan was to interfere with the GPS system.
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.
I thought of that also. Good riddance to bad tech, hopefully.
That's the real story here.
This is why central planning never succeeds.
“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
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.
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.
That’s a good line. Kind of like the hack, George Washington Plunkitt, who expounded on graft and why he only practiced honest graft
“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
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.
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