LightSquared revealed resources and financial obligations each exceeding beyond $1 thousand, according to the case it registered with the U.S. Bankruptcy Trial in New york.
Mr. Falcone informed Harbinger Investment Associates traders Wednesday that Section 11 security for LightSquared was the best option for the wifi project and he promised to bring out plans to develop a across the country high-speed special high rate internet system.
"I am targeted, as I have been throughout the course of this investment, on protecting and increasing the value of LightSquared for the benefit of Harbinger's traders," he said in a observe to traders acquired by The Walls Road Publication. A bankruptcy processing "was a necessary and appropriate decision by LightSquared to retain its value."
Mr. Falcone couldn't instantly be achieved for thoughts Monday
Mr. Falcone's plan to develop out a nationwide system to contest with AT&T Inc., T -0.18% Verizon wireless Wireless and others was stymied by authorities who said LightSquared's radio interupted with International Ranking System alerts. He has pared about half the organization's personnel, delayed system development and brought out of a 15-year cost-sharing union with Dash Nextel Corp. S +0.40%
Mr. Falcone had expected to turn radio set aside for satellite tv use into a across the country terrestrial system attaining 260 thousand People in america by 2016.
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