LightSquared To Fire 45% of Its Workforce of 330 People

Feb 22 2012, 4:02pm CST | by , in News | Technology News

LightSquared To Fire 45% of Its Workforce of 330 People
Buy 4g modem from Amazon Cyber Monday and Black Friday Now

It looks like the end is near

LightSquared is really on the ropes. The wireless 4G service that the company hoped to provide all around the US was found to interfere with the majority GPS devices on the market not too long ago. The FCC all but killed LightSquared when it put a halt on LightSquared's plans to roll out service nationwide. LightSquared tried to argue the point claiming GPS didn't deserve to be protected because only poorly designed devices were susceptible to interference.

The FCC was having none of that though, and then last week LightSquared missed the first payment on a $56 million loan it owed to a partner. LightSquared announced today that it was forced to lay off 45% of its workforce to save money. The company has 330 employees, and it's not clear when the layoffs will occur.

LightSquared's major backer, Philip Falcone, reportedly has over 60% of the $4 billion in assets is harbinger capital partners equity fund owns wrapped up in LightSquared. I can only imagine what the seemingly inevitable failure will do to the value of the fund in its investors.

How is my writing? Leave a Comment

Buy Now on Amazon

You May Also Like


Share this Story

Follow Us
Follow I4U News on Twitter
Follow I4U News on Facebook

Read the Latest from I4U News