Lightsquared again. (aka "LS")

[Mike O'Dell]

I have been informed that LS has just laid-off essentially all their 
staff both
in the Herndon office and the HQ in NYC, including their chief
inside counsel. The CEO and CFO have both resigned as well.

It's not clear who will be there to turn out the lights
for what would appear to be the inevitable bankruptcy proceeding.

Carl Icahn has been lurking, buying up LS debt. That would seem to be
a curious play - i can't see a chapter 11 reorg because they have
no viable business model. i think it'll be a chapter 7 liquidation.
Then again, I don't understand a lot of things - i could readily be 
surprised.

Mr. Falcone, chairman of LS and "financial titan" behind the deal
is being investigated by the SEC and his hedge fund has suspended
redemptions (people cannot take their money out).  Lawsuits by his investors
accusing him of "squandering the investor assets" and "failure to be 
duly diligent"
have already started flying. Those have nasty powers to penetrate
any "corporate veils" making the defendants personally liable.

yessir - rapidly circling the drain and it's gonna get uuuuuuugly.

     -mo

"It's not nice to fool Mother Nature."



On 3/12/12 4:13 PM, w3hwn at comcast.net wrote:
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