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LS2 withholds payment.


legion125
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LS2 is withholding payment with Inmarsat under a spectrum cooperation deal. LS2 says Inmersat has failed to to reach certain performance requirements and Inmarsat has filed a "notice of default" against LightSquared. I think LightSquared is running out of cash and getting desparate. What do you guy's think?

 

http://www.bloomberg.com/news/2012-02-20/falcone-s-lightsquared-withholds-56-3-million-payment-to-u-k-s-inmarsat.html

 

Philip Falcone’s LightSquared Inc. (SKYT), the U.S. company struggling to gain approval for a wireless service, failed to pay British satellite operator Inmarsat Plc (ISAT) $56.3 million under a spectrum-cooperation accord.

Inmarsat issued a notice of default under the companies’ cooperation agreement, giving LightSquared 60 days to remedy the payment, the London-based satellite operator said in a statement today. In a separate statement, LightSquared said that Inmarsat must fulfil certain obligations tied to the deployment of its terrestrial and satellite network and that “several matters” need to be resolved. It didn’t give more details.

LightSquared, based in Reston, Virginia, had been making a series of scheduled payments to the British company in line with contractual milestones, Inmarsat said.

Inmarsat, the biggest provider of satellite services to the maritime industry, is giving LightSquared access to part of its spectrum. LightSquared, backed by Falcone’s Harbinger Capital Partners hedge fund, wants to offer high-speed Internet service to as many as 260 million people using airwaves previously reserved mainly for satellites.

The U.S. Federal Communications Commission said last week that it would block LightSquared after finding that the wireless venture would disrupt navigation gear.

The FCC is preparing to withdraw the preliminary approval it granted last year for the company to build a high-speed network serving as many as 260 million people, Tammy Sun, an FCC spokeswoman, said last week. The FCC’s action is a blow to LightSquared and a setback for Harbinger Capital Partners (SKYT), which has invested $3 billion in the venture

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I feel like lightsquared is circling the drain and is soon to disappear down the drain. They are smart to keep fighting for their investment because it will be worth virtually nothing if it fails, but it's pretty much hopeless.

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Maybe clear and light squared should form some type of deal.

 

LIghtsquared was taking Sprint away from Clear. LS was to pay Sprint for assisting in the buildout and credits on LTE data once they got going. Yes wimax ties Sprint to Clear, but thats only until 2015 I believe. With LS's demise though, Clear now has more bargaining power with Sprint. They are also starting to take away some of the partners that signed with LS. We might not see all of them go over because LS was offering some sweet deals on paper without even having their network built.

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LIghtsquared was taking Sprint away from Clear. LS was to pay Sprint for assisting in the buildout and credits on LTE data once they got going. Yes wimax ties Sprint to Clear, but thats only until 2015 I believe. With LS's demise though, Clear now has more bargaining power with Sprint. They are also starting to take away some of the partners that signed with LS. We might not see all of them go over because LS was offering some sweet deals on paper without even having their network built.

 

"...clear has more bargaining power with sprint..."

 

Just found that funny. Love to hear the discussions between clear and sprint...

Clear: look your going to pay us X amount for X years...

Sprint: Haha we own majority stake in u. We will pay you 0.5X and do so for as long as we like...do you really want to fight with us? Lol

 

Sent from my PG86100 using Tapatalk

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