LightSquared creditors unite against Phil Falcone

Discussion in 'Global Navigation Satellite Systems' started by charles, Apr 25, 2012.

  1. charles

    charles Guest

    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/lightsquared-creditors-unite-against-phil-204220276.html
     
    charles, Apr 25, 2012
    #1
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  2. charles

    Alan Browne Guest

    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/lightsquared-creditors-unite-against-phil-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-...ase-lightsquared-debt-in-bet-on-collapse.html

    --
    "I was gratified to be able to answer promptly, and I did.
    I said I didn't know."
    -Samuel Clemens.
     
    Alan Browne, Apr 25, 2012
    #2
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