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LightSquared's Cash Reserves Drying Up

Dec 19, 2011, 4:15 PM by Eric M. Zeman

According to financial documents filed by LightSquared, the company only has the cash to continue operations through the second quarter of 2012. The company lost $427 million during the most recent quarter and has been given more than $3 billion by Philip Falcone's Harbinger fund over the last few years. The company has nearly $1 billion in debt payments due in 2012, and its business is not yet operational. The company has signed dozens of reseller agreements with various regional wireless companies that hope to offer LightSquared's Long Term Evolution 4G services to their own customers. The planned network has yet to receive final approval from the government as it continues to test GPS-related interference issues.

Reuters »

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Comments

This forum is closed.

This forum is closed.

bobc74

Dec 19, 2011, 7:11 PM

so how do they

expect to build a network with no money?

dlmjr

bobc74 said:
expect to build a network with no money?

Selling use
Look at all the 'deals' they have made.. but they are all dependent upon FCC approval.. so they are cash starved now

...

dlmjr

Dec 19, 2011, 4:45 PM

Things that make you go hmmmm

LightSquared is owned by the Harbinger Capital hedge fund, headed by billionaire investor Phil Falcone. He visited the White House and made large donations to the Democratic Senatorial Campaign Committee. Soon after, the Federal Communications Commission (FCC) granted LightSquared a highly unusual waiver that allows the company to build out a national 4G wireless network on the cheap

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