Disqus
Contact Us
We love getting feedback from our readers - we'd love to hear what you liked or disliked, what you'd like to see in the future, or simply what you think of IntoMobile. No suggestion or critique is too small or overlooked.
Contact UsLatest LightSquared News
LightSquared seeks bankruptcy protection
LightSquared has officially filed for Chapter 11 bankruptcy status, according to a report from Bloomberg. The company once heralded for attempting to bring high-speed wireless access to as many as 260 million Americans met tough criticism from the FCC, which found that LightSquared’s technology had the potential to essentially unleash fury on GPS networks akin to that unleashed by a woman scorned. LightSquared’s filings indicate it has assets of $4.48 billion and debts of $2.29 billion as of February 29th. LightSquared’s creditors were seeking a deal that would oust CEO … Read more
Anthony Domanico
Carl Icahn is bailing on LightSquared, can we now ignore this failed company?
Carl Icahn is a rich old white guy who pours money into companies that he thinks he can turn around. He’s the guy who made Motorola split up, so don’t assume for a second that he’s out of his mind. Now like all investors, Carl knows when to buy and when to sell. According to Reuters, he recently sold his $250 million share of LightSquared. Why? It’s a long story, but here’s what you need to know: LightSquared was born in the summer of 2010. Their goal was to build … Read more
Stefan Constantinescu
FCC gives carriers $300 million to roll out 3G and 4G in rural areas
The FCC is getting serious about providing high-speed mobile broadband connections to rural areas. The agency has begun accepting bids to bring 3G and 4G services to parts of the country that have been ignored by major carriers, and is offering as much as $300 million to assist in the development costs of these networks. To provide a picture of the types of areas that would be impacted by such a move, the FCC has released a Phase 1 eligibility map that shows locations currently in the dark, which you … Read more
Anthony Domanico
Philip Falcone may be ousted as head of LightSquared
Anyone who has been following the LightSquared case closely knows that the company is just one bad move away from Chapter 11. LightSquared is seeking a one-week extension on a debt-terms violations waiver that expires this morning, so the company can negotiate a longer-term extension that will cover the company for 18 to 24 months. One large hurdle has been Philip Falcone, founder of Harbinger Capital Management, LLC, the company that started LightSquared. Falcone sees the best way for him to maintain control of LightSquared is to file for Chapter … Read more
Anthony Domanico
LightSquared given brief reprieve from payment it owes Inmarsat
Once facing bankruptcy and defaulting on owed payments, LightSquared has been given a reprieve in its payment schedule with Inmarsat. LightSquared and Inmarsat have announced this morning that it has reached an agreement with Inmarsat to amend the Cooperation Agreement between the to companies, after a $56.5 million payoff of past balances by LightSquared. The amended agreement will give LightSquared an additional 2 years to save face, postponing payments of over $29 million to Inmarstat until April 1, 2014. The move gives LightSquared the time it needs to obtain governmental approvals … Read more
Anthony Domanico
Senators ask the FCC to save LightSquared
Ah, LightSquared. What once was part of Sprint’s grand scheme to bring an LTE network to the masses is now in desperate need of saving. LightSquared has invested billions of dollars into plans for a nationwide 4G LTE network, only to find the chosen spectrum has a good chance of interfering with critical GPS devices after a lengthy FCC investigation. The FCC put LightSquared’s plans on hold, leaving the company in dire straits. There’s a growing movement to save LightSquared, led by a few individuals from an organization which has … Read more
Anthony Domanico
It’s official: Sprint has cancelled their contract with LightSquared, will repay $65 million
Two years ago a scrappy newcomer called LightSquared announced plans to revolutionize the American wireless industry. Their plan was simple: Build a nationwide 4G LTE network that other companies would then lease so they could sell access to consumers. Think of it this way, back in the 1990s there were hundres of internet service providers that used the phone line already connected to your house to provide you with connectivity. LightSquared wanted to be the wireless version of that. The thing is though, LightSquared ran into some problems. Their spectrum, … Read more
Stefan Constantinescu
Sprint has had enough, they’re walking away from LightSquared
Back in July 2010 a company we never heard of called LightSquared announced that they would spend $7 billion to build a wholesale 4G LTE network covering the United States and that it would be up and running by the end of 2011. So what the fuck happened? First, LightSquared had to get permission to use the spectrum they own to build a terrestrial network because said spectrum was originally classified for use in a satellite based network. Second, whereas LightSquared’s initial plan was to get Nokia Siemens Networks to … Read more
Stefan Constantinescu
LightSquared fires 45% of their employees after realizing they’re never going to launch
LightSquared, the operator that refuses to die, has just let go 45% of their 330 employee strong work force according to Reuters. The decision comes after the FCC basically told them that there’s no way in hell they’re going to be allowed to build a wireless network, because today’s GPS system is far more important than being able to download porn at 10 megabits per second. Will LightSquared file for bankruptcy now that they’re essentially useless? Philip Falcone, who is in charge of the hedge fund that is financing LightSquared, … Read more