"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.