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FOX on Tech: LightSquared Files For Bankruptcy

Their plan was big: create a nationwide wireless 4G LTE network, a wholesale signal that could be sold to regional wireless carriers to increase competition in the market and speed the development of mobile broadband in the United States.  But LightSquared ran into problems over the system’s close proximity to GPS signals used by planes and personal devices.

FOX News Radio’s Lisa Brady reports LightSquared has now filed for bankruptcy:

Audio clip:

Their big dreams ran into technical difficulties, but LightSquared remains determined to create an independent wireless broadband network in the U.S.  The CEO, saying Chapter 11 is aimed at “breathing room,” while they try to iron out the regulatory issues.

The bankruptcy filing comes just months after Federal regulators blocked the plan over the network’s possible interference with GPS signals.  Virginia-based LightSquared, listing more than $1 billion each in assets and liabilities.

Lisa Brady, FOX News Radio.

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2 Comments

  1. piratearian

    May 14, 2012 at 8:10 pm

    It was a flawed get rich scheme from the start. Good idea, very poor execution.

  2. Steve

    May 14, 2012 at 8:34 pm

    Good the FCC should never have allowed this to begain with, some heads should roll at the FCC

    There is only so much spectrum and their misguided effort to piggy back on GPS spectrum was wrong from the beginning and the FCC was just as ignorant in the initial application