FCC moves to suspend LightSquared network

AOPA ^ | February 15, 2012 | Dan Namowitz

[sloop]

The Federal Communications Commission (FCC), acting on a technical committee’s recommendation, will move to suspend LightSquared’s bid to develop a mobile satellite network that has been proven to interfere with GPS reception.

...

On Feb. 14, the FCC issued a statement announcing that it had accepted recommendations of the National Telecommunications and Information Administration (NTIA) technical panel that studied the problem and found no practical solutions to GPS interference. That opinion, rendered unanimously in a Jan. 13 letter, concluded that no fix was possible for months—or perhaps years—that would permit the network to operate “without significantly interfering with GPS.”

[sloop]

how much money was wasted on this futile exercise?

[lump in the melting pot]

Exactly enough to funnel a nice kickback to the re-elect obama fund... it’s the new “green” economy!

[USNBandit]

This could be interesting. LightSquared is definitely Obama connected and I believe Obama invested money in one of the parent entities of LightSquared.

[sloop]

i won be happy until i see falcone and genachowski frog marched to the hoosegow

not holding my breath

[sloop]

that was before it was changed to lightsquared

lightsquared pretty much has one investor - harbinger - which is a crook phillip falcone

he is accustomed to scamming the money from investors, closing up shop and opening up again

“The company was already reeling from a series of setbacks. As the LightSquared prospects have deteriorated, its investors learned in December that the venture’s chief financial backer, Harbinger Capital Partners—invested in the LightSquared project for $2.9 billion—faced a securities inquiry. Reports soon followed that the hedge fund had dragged its feet when responding to client requests to cash out their stakes in the venture.”

[spetznaz]

There is a hedge fund manager I look at called Phillip Falcone of Harbinger Capital who has really put a lot of cash in this. Ooopsie (although to be honest with you this was always such a longshot many people were saying he had let emotion get into his decision making). Anyways, this is a big blow for him, his Fund, his investors, and (maybe most of all) his ego.

[spetznaz]

I see you know Phil as well. Can’t wait to read what he has to say about this. Will his ego implode, explode, or double down some more? At this rate his wife’s lil’ Fund will be bigger than Harbinger.

[sloop]

falcone stole $116 million from his last ‘fund’ to pay his taxes and ‘forgot’ to tell anyone

falcone does not have money - except what he scams from his criminal activity ‘funds’ he sets up

interesting that the fcc has opened another ‘comment period’ on this ruling

here is lightsquared’s release on the decision

http://www.lightsquared.com/press-room/press-releases/

interesting that somehow the waivers appeared even though the committee that does the waivers was not consulted - genachowski i suspect

its also interesting that genachowski was not involved in revoking it

[sloop]

hahaha - seems everyone knows falcone - just posted

http://www.businessweek.com/news/2012-02-16/jefferies-loan-to-harbinger-will-default-if-falcone-is-charged.html

Feb. 15 (Bloomberg) — Jefferies Group Inc. has been trying to spread the risk of a $190 million loan to Phil Falcone’s Harbinger Capital Partners LLC by offering a syndication deal with an unusual caveat: it defaults if Falcone is indicted.

[Ramius]

What was LightSquared supposed to do?

[sloop]

obama gave them radio spectrum to build a cell phone network adjacent to the gps spectrum - it would destroy the gps system - we have been fighting it

but the real answer is to enrich obama donors

here is an overly simplified post of mine that explains it - but be warned - i have a potty mouth

http://sloopsbilge.com/?p=471

[spetznaz]

Lol