back to article LightSquared files for bankruptcy

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 …

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  1. Lance 3

    "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.

    1. Anonymous Coward
      WTF?

      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?

      1. Anonymous Coward
        Anonymous Coward

        @ Technical Ben

        * non-sequitur

        Your English is a consistent failure. Go back to school.

        1. Anonymous Coward
          Anonymous Coward

          Re: @ Technical Ben

          Nope. My spellings are. I'll admit that.

          Thanks for the pointer. Any comments on the content though?

  2. Mage Silver badge

    Doomed I tell ye!

    Sometimes Ch. 11 isn't a breathing space. You can't usually resuscitate a corpse.

  3. Anonymous Coward
    Facepalm

    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.

  4. Jan 0 Silver badge
    Thumb Up

    May I be the first to say "Hooray!".

    1. Anonymous Coward
      Anonymous Coward

      Why hooray - schadenfreude?

  5. Anonymous C0ward

    It's not dead!

    It's just resting!

  6. TeeCee Gold badge

    "....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.

  7. 4d3fect

    Dont verify rumours, only repeat them

    But I thought Dish Network was scooping up their bandwidth....?

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