LightSquared to cut staff by 45 percent as troubles grow

Yet another bit of bad news to add to the pile for LightSquared -- the company announced this week that it will be cutting back on its employment numbers by 45 percent. The cost cutting move comes a day after word got out that it had defaulted on a hefty $56.25 million payment. According to reports, the Virginia-based company, which currently employs some 330 people, is apparently not looking into bankruptcy, in spite of its mounting troubles.