Just hours before the expiration of a deal designed to keep it from defaulting on its debt, 4G wannabe LightSquared announced on Monday that it was filing for Chapter 11 bankruptcy protection. "The filing was necessary to preserve the value of our business and to ensure continued operations," said the company's interim co-COO …
"The filing was necessary to preserve the value of our business and to ensure continued operations,"
What value, what business and what operations? I have yet to see anything that LightSquared offers except a lot of complaining and trying to game the system.
"The voluntary Chapter 11 filing is intended to give LightSquared sufficient breathing room to continue working through the regulatory process that will allow us to build our 4G wireless network.”
The regulatory process? That would mean a way in which to accomplish an objective. They don't have a way to do that unless they plan on the original intent of the spectrum and they don't need FCC or any regulatory approval; they already have it when they bought the spectrum.
Yep. That seems like a complete non-sequencer from them. If they file bankruptcy and thus do not pay bills, they do not roll out a 4G network.
Or am I missing something?
@ Technical Ben
Your English is a consistent failure. Go back to school.
Re: @ Technical Ben
Nope. My spellings are. I'll admit that.
Thanks for the pointer. Any comments on the content though?
Doomed I tell ye!
Sometimes Ch. 11 isn't a breathing space. You can't usually resuscitate a corpse.
RIM will headhunt some managment from these SNAFU's
Well we never saw this comming now did we all. Guess there managment are overqualified to lead RIM into the next chapter in there book.
You just can't make this up, ever.
May I be the first to say "Hooray!".
Why hooray - schadenfreude?
It's not dead!
It's just resting!
"....assets of $4.48 billion and debt of $2.29 billion...."
So presumably the Chapter 11 move is to enable their execs to stuff their trousers with X and do a runner, without having to subtract Y from it first.
Dont verify rumours, only repeat them
But I thought Dish Network was scooping up their bandwidth....?