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LightSquared creditors unite against Phil Falcone

 
 
charles
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      04-24-2012, 11:54 PM
By Matthew Goldstein

NEW YORK (Reuters) - Hedge fund manager Philip Falcone will face a
united front when negotiating with key investors that own bank debt
sold by LightSquared, the money-losing wireless telecom company
controlled by his fund.

A number of LightSquared debt holders have joined together to retain
high-powered bankruptcy attorney Thomas Lauria, who heads White &
Case's global restructuring group, said two people familiar with the
situation.

<link>
http://finance.yahoo.com/news/lights...204220276.html
 
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Alan Browne
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      04-25-2012, 02:19 AM
On 2012-04-24 19:54 , charles wrote:
> By Matthew Goldstein
>
> NEW YORK (Reuters) - Hedge fund manager Philip Falcone will face a
> united front when negotiating with key investors that own bank debt
> sold by LightSquared, the money-losing wireless telecom company
> controlled by his fund.
>
> A number of LightSquared debt holders have joined together to retain
> high-powered bankruptcy attorney Thomas Lauria, who heads White&
> Case's global restructuring group, said two people familiar with the
> situation.
>
> <link>
> http://finance.yahoo.com/news/lights...204220276.html


Thanks. I meant to do my weekly look into the lightsquared fiasco and
plain forgot.

Article QUOTE
Falcone has said a bankruptcy would not necessarily wipe out his hedge
fund's considerable equity stake in LightSquared because its operating
spectrum licenses retain value.
/QUOTE

It is exactly that spectrum that Icahn and others are salivating over
and why they pitched cash at L^2's bondholders for L^2 debt in January
when it was clear L^2 was going to crash. Don't know what the
cents-on-the-dollar was, but Icahn will be singing:

"Hz for sale, appetizing, oscillating Hz for sale...."
(Sorry to Billie & Cole).

http://www.bloomberg.com/news/2012-0...-collapse.html

--
"I was gratified to be able to answer promptly, and I did.
I said I didn't know."
-Samuel Clemens.
 
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