Chapter7Bankruptcy
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Inmarsat hands LightSquared a lifeline, hopes to get that $56 million back later
Remember LightSquared? Of course you do, it was the noble yet doomed attempt to build a nationwide 4G LTE network. Days before Sprint dumped it, billionaire Philip Falcone's enterprise defaulted on a $56 million spectrum allocation payment to British satellite operator Inmarsat. Now LightSquared's biggest creditor has offered a stay of execution to give the company time to overcome the regulatory hurdles (we'd suggest praying Julius Genachowski gets another job elsewhere) and get the project back on track. Cynics might suggest it's only been given the breathing room because it's not worth being pushed into Chapter 7 bankruptcy, to which we say shame on you, you naughty cynics.
