Holders Of Illiquid LightSquared Equity Should View This As A 25% Success Rate
You know who could use some good news right about now? Phil Falcone. You know what doesn't constitute good news? This crap:
Philip Falcone’s proposed LightSquared Inc. wireless service caused interference to 75 percent of global-positioning system receivers examined in a U.S. government test, according to a draft summary of results. The results from testing conducted Oct. 31 to Nov. 4 show that “millions of fielded GPS units are not compatible” with the planned nationwide wholesale service, according to the draft seen by Bloomberg News. “LightSquared signals caused harmful interference to majority of GPS receivers tested,” according to the draft prepared for a meeting next week of U.S. officials reviewing the LightSquared proposal. “No additional testing is required to confirm harmful interference exists.”
Falcone’s LightSquared Said to Disrupt 75% of GPS in Tests [Bloomberg]
Related: So Harbinger-Backed LightSquared Might Kill Some People, So What?