BREAKING - LightSquared to file for bankruptcy (Another Obama Porkulus Crony!)

CNN ^ | 5-14-12 | David Goodman

[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

[dennisw]

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.

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.

[matt04]

I thought of that also. Good riddance to bad tech, hopefully.

[BfloGuy]

I imagine Falcone is livid after all the money he funneled to Obama and Dems didn't get him final approval on his fast track under the table deal.

That's the real story here.

[GeronL]

This is why central planning never succeeds.

[DManA]

“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

[jazusamo]

That's the real story here.

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.

[dr_lew]

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.

[dennisw]

That’s a good line. Kind of like the hack, George Washington Plunkitt, who expounded on graft and why he only practiced honest graft

https://www.google.com/search?sourceid=chrome&ie=UTF-8&q=honest+graft

[dennisw]

“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

[pabianice]

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.