LightSquared Lays Off 45% of Staff Allows Them "to Continue to Navigate Regulatory Process" With their LTE network plans all but dead, LightSquared has taken the inevitable action of laying off 45% of the company's workforce. The company employs 330 people and is headquartered in Reston, Virginia. "This and other cost savings measures will allow LightSquared to continue to navigate the regulatory process as it works with the appropriate government agencies to find solutions to the GPS interference issue and bring its $14 billion privately funded wireless broadband network to more than 260 million Americans," the company said in a statement. A "person familiar with the situation" tells Reuters the company is not yet facing bankruptcy.
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 Reviews:
 ·Earthlink Cable ..
| Reservoir Dogs "Diner Breakfast" scene [Mr. Pink makes gesture with thumb and forefinger]
Mr. Pink: "You know what this is? It's the world's tiniest violin"
Personally, I think some of the people who can't get broadband are happy to be out of range of the "monster". Another story today says that 60% of broadband usage is for, wait for it, video streaming! That's right, back into the future. At least nowadays it's all on demand. | |
|  |  TransmasterDon't Blame Me I Voted For Bill and Opus
join:2001-06-20
Cheyenne, WY | Those nasty GPS People, cry sob weep Harbinger Class Action
Zamansky & Associates today filed a lawsuit against Philip A. Falcone and his Harbinger hedge fund on behalf of the fund’s limited partners who held their interests as of December 31, 2011. *view complaint*
»www.zamansky.com/cms/wp-content/···7.12.pdf
The Complaint alleges that the defendants breached contractual and fiduciary duties to the limited partners and made false and misleading statements in the course of soliciting investments in the fund and communicating with the limited partners.
The offering memorandum describes an investment strategy starkly different than the one Falcone actually pursued. Instead of following the strategy he had outlined, Falcone used the limited partners’ funds to buy a controlling stake in SkyTerra, later renamed LightSquared. When Harbinger took its controlling stake, LightSquared was an enormously risky company whose very existence depended on receiving an FCC license to build a vast proposed wireless network.
The military, the commercial aviation industry, agricultural manufacturers and others raised vocal objections. Once numerous tests concluded that the proposed network would severely disrupt the GPS satellites so central to military activities, aviation and farming, the FCC announced that it would not give LightSquared permission to move ahead with its planned network.
The limited partners were misled into investing in the fund and holding their positions, and once they learned the truth about the fund’s stake in LightSquared, it was too late to redeem their interests. As a result, they have suffered enormous losses.
The SEC is actively investigating whether Harbinger improperly allowed Goldman Sachs to redeem its investment while requiring the other limited partners to stay in.
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I am quite sure now that often, very often, in matters concerning religion and politics a man's reasoning powers are not above the monkey's.
- Mark Twain in Eruption | |
| | |  KrKHeavy Artillery For The Little GuyPremium
join:2000-01-17
Tulsa, OK | Re: Those nasty GPS People, cry sob weep Investing in the modern age. If it pays off, you win big. If it doesn't pan out and you lose money... SUE! | |
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 n2jtx
join:2001-01-13
Glen Head, NY
·Optimum Online
| Simple Solution Simple solution to the interference problem: go out and buy quality terrestrial spectrum at the forthcoming spectrum auctions instead of trying to shaft the taxpayers and screw up their GPS system.
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I support the right to keep and arm bears. | |
| | TransmasterDon't Blame Me I Voted For Bill and Opus
join:2001-06-20
Cheyenne, WY
3 edits | Re: Simple Solution Ah but AT&T, and Verizon happen to be sitting on such frequencies just to keep up-startes like LightSquared from using them.
Harbinger Capital AKA Philip Falcone paid $262.5 million for Sky Terra the value of the frequencies that went along with this purchase were worth about 2 billion. Falcone used the precieved value of the frequncies to finance the build out of the proposed land based wireless phone system. Falcone and excutives of the now renamed Light Squared gave many 100's of thousand of dollars to the Democratic Party and the Obama campainge fund. This had nothing to do with the Falcone's love of the Democratic party but was to grease the skids in getting approval for his project. He figured he had an inside track to approval, espeically when President Obama invested his own money in Harbinger Capital. He then used this to sell securities to investors. Investors who should have known Falcone played fast and loose with invested money this was his style enormous returns or you lost your shirt. But he fed these people a line of bovine scatology and now he is going to pay.
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I am quite sure now that often, very often, in matters concerning religion and politics a man's reasoning powers are not above the monkey's.
- Mark Twain in Eruption | |
| | | KrKHeavy Artillery For The Little GuyPremium
join:2000-01-17
Tulsa, OK Reviews:
 ·AT&T DSL Service
| Re: Simple Solution ...and he was wrong, wasn't he. Maybe he should have waited until he had a Republican administration, but the thought that they would side with AT&T and Verizon to block a new competitor was real, so they figured they'd get this easily through with an Administration that has sought greater "broadband" options.
In reality, I think he's been flogging a dead horse, irregardless of which party holds the White House. He's probably super P.O.'ed that his "investment" in lobbyists and campaign contributions didn't pan out. I'm willing to bet if someone interviewed him or he writes a memoir book he'll talk about how he was misled and screwed over by politicians....
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"Fascism should more properly be called corporatism because it is the merger of state and corporate power." -- Benito Mussolini
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| | | | TransmasterDon't Blame Me I Voted For Bill and Opus
join:2001-06-20
Cheyenne, WY | Re: Simple Solution If the truth be known Falcone would have paid off:
Kim Jong Un, North Korea
Than Shwe, Burma
Hu Jintao, China
Robert Mugabe, Zimbabwe
Crown Prince Abdullah, Saudi Arabia
Teodoro Obiang Nguema, Equatorial Guinea
Omar Al-Bashir, Sudan
Saparmurat Niyazov, Turkmenistan
Fidel Castro, Cuba
King Mswati III, Swaziland
Mahmoud Ahmadinejad, Iran
Hugo Chavez, Venezuela
Abdel Aziz Rantisi, Hamas.
Hassan Nasrallah, Hezbollah
and the worst; Chester the Molester
If this is what it would have taken for him to get LightSquared approved. He wanted to get it started then sell the whole thing to, Verizon, AT&T, Echostar, Sprint, etc for gazillion dollars. Now instead he is going to owe a gazillion dollars and he may even become a boy-toy in prison, if the SEC decides to lower the boom on him.
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I am quite sure now that often, very often, in matters concerning religion and politics a man's reasoning powers are not above the monkey's.
- Mark Twain in Eruption | |
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Reviews:
 ·AT&T U-Verse
| Sorry for the people who were laid off. I hope they were keeping their resumes updated for the inevitable crash of their employer.
I, however, have no such feelings for the head man in the fund scam. Hopefully he gets bent over big time, and loses everything he has. Hopefully they will find his off shore accounts and get a hold of them also. | |
| | | KrKHeavy Artillery For The Little GuyPremium
join:2000-01-17
Tulsa, OK Reviews:
·AT&T DSL Service
| Re: LightSquared & The FCC Really. Yes, because AT&T and Verizon have been so "destroyed" by the FCC. I mean look, absolutely decimated, and the Cable companies too. Yes, destroyed. Uh huh.
The FCC rubber stamp authority, destroying the large incumbents. Wonder what planet they were referring too, because it's not Earth.
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"Fascism should more properly be called corporatism because it is the merger of state and corporate power." -- Benito Mussolini
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 tc1uscg
join:2005-03-09
Saint Clair Shores, MI | Sprint hand in the cookie jar? Gee, in Reston VA? You mean where Sprint's all but dead iDen HQ (or lets say, HQ nr 2) resides? Now we know where a bunch of Sprint people went when in 2009, 8000 employees were cut let go.  | |
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