DealBook: Falcone's LightSquared Files for Bankruptcy

LightSquared, the wireless startup backed by hedge fund manager Philip Falcone, on Monday filed for Chapter 11 protection. The company and many affiliates filed for protection from creditors with the U.S. ...

Phil Falcone's LightSquared finally filed for bankruptcy protection on May 14, 2012. Falcone is in his own personal mess having been served with a Wells notice by the SEC. But the long past example of NextWave which fought to retain its frequency allotment won in the FCC lottery in 1996 might be a useful precedent in this case. It took 10 years but in the end NextWave sold the frequency on which it had defaulted because it hadn't the money to pay for it for 4 times the prices it originally agreed to pay.

(Reuters) - LightSquared, the wireless startup backed by hedge fund manager Philip Falcone, on Monday filed for Chapter 11 protection.

LightSquared, the wireless startup backed by hedge fund manager Philip Falcone, on Monday filed for Chapter 11 protection.

LightSquared, the troubled wireless communications venture backed by hedge-fund manager Philip Falcone, today filed for protection from creditors under Chapter 11 of the Federal Bankruptcy Code. The filing was made in Federal court in lower Manhattan. The filing was not a big surprise. The New York Times notes that bondholders had given LightSquared a deadline ...

LightSquared filed for bankruptcy-court protection as a deal to keep hedge-fund manager Philip Falcone's venture from defaulting wound down.