LightSquared is really on the ropes. The wireless4G 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.
Shane McGlaun Leading our review center, Shane McGlaun (Google) knows technology inside out. His
extensive experience in testing computer hardware and consumer
electronics enable him to effectively qualify new products and trends. If you want us review your product, please contact Shane.
Shane can be contacted directly at email@example.com.
The “geek mind” is concerned with more than just the latest iPhone rumors, or which company will win the gaming console wars. I4U is concerned with more than just the latest photo shoot or other celebrity gossip.
The “geek mind” is concerned with life, in all its different forms and facets. The geek mind wants to know about societal and financial issues, both abroad and at home. If a Fortune 500 decides to raise their minimum wage, or any high priority news, the geek mind wants to know. The geek mind wants to know the top teams in the National Football League, or who’s likely to win the NBA Finals this coming year. The geek mind wants to know who the hottest new models are, or whether the newest blockbuster movie is worth seeing. The geek mind wants to know. The geek mind wants—needs—knowledge.