LightSquared Closer To Losing Every Cent Phil Falcone Put Into It
The not-exactly-wireless-internet company continues to excel at the only business it’s ever really been in, which is losing money; it’s set $1.8 billion on fire since it went into bankruptcy not quite two years ago, to cover interest payments and to keep the pipes from freezing.
Well, Phil Falcone (‘s investors) dumped some $2.9 billion into the thing, and he seems pretty determined that not a single dollar of that amount will be left when the desiccated hull of LightSquared winds up in Charlie Ergen’s daughter’s college fund.
LightSquared lost $68.1 million during November….
In a monthly operating report filed with U.S. Bankruptcy Court in Manhattan, the company again attributed a bulk of the loss to interest paid on its debt. During the month, that expense was $40.8 million.
LightSquared Has Now Lost $1.8 Billion Since 2012 Chapter 11 Filing [WSJ]
