LightSquared Closer To Losing Every Cent Phil Falcone Put Into It - Dealbreaker

LightSquared Closer To Losing Every Cent Phil Falcone Put Into It

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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]

Related

LightSquared Creditors Seek Permission To Go After Mrs. Phil Falcone's Shoe Collection

Remember Phil Falcone? Hedge fund manager about yea high? Cuts his hair like he's still playing professional hockey? Is betting the farm on a company called LightSquared that "seeks to create connectivity for all" but in doing so might "cost 794 lives in aviation accidents over 10 years with disruptions to satellite-aided navigation" and filed for Chapter 11 bankruptcy last May? Anyway, LightSquared's creditors were in court today asking for the right to go after Big Phil/Harbinger, who they believe screwed them big time.