Lightsquared discussed on John Batchelor Show tonight

[Mike O'Dell]

When you're on the hook for having used 4 BILLION dollars of your
investors' money to finance a scam of the first order, 
of course you're going to concoct any
and every story, no matter how utterly bizarre, that might
somehow let you shift some of the blame.

The legal theory that somehow the FCC entered into a 
verbal contract to rezone that spectrum without a formal
rule-making proceeding is well beyond completely absurd.

Maybe he heard what he wanted to hear when somebody from
the White House was dry-humping his leg, but only a complete
moron suffering from unbounded hubris would *believe* such
fantasy. 

Of course, this leaves out all the engineering input he got
when he first cooked-up this scheme. He was told in no uncertain
terms that it could not possibly work, and yet he ignored that.
This immediately puts him at odds with the "reasonable man" test
for being "duly diligent" in making such a huge investment.
Because he disregarded expert advise, he could be held in
violation of his feduciary responsibility up to and including
gross negligence. That would almost certainly penetrate the so-called
"corporate veil" and make Falcone personally liable.

So given the long knives that he's facing with the potential bankruptcy
of his hedge fund, Harbinger Capital, that he used to finance this
fiasco, he'd sell his own grandmother in a New York Nanosecond
if it offered any hope of saving him.

Coming to a theatre near you: Mother Nature vs The Lawyers.
Guess who wins!

	-mo