FastCompany: "LightSquared is poised to change the nature of broadband Internet. But it might render GPS receivers useless in the process.
Backed by Philip Falcone's Harbinger Capital Partners (more on Falcone in a bit), LightSquared is attempting to launch a satellite-based wireless broadband network whose coverage area encompasses the United States. Their proposed system, which is based around the 4G Long Term Evolution (LTE) standard and uses satellites, would bring remarkably fast Internet access to tens of millions of rural-living Americans that currently lack even reliable mobile phone coverage."
Electronista - LightSquarted chief Philip Falcone is said to be stepping down from his position in order to buy time for his hedge-fund Harbinger Capital’s ambitious satellite-powered 4G LTE network. The concession could be enough to avert the likelihood that LightSquared will default on its debts, reports The Wall Street Journal. If supported, LightSquared’s lenders will agree to a one extension of its $1.6 billion in loans that expire on Monday morning.
Bloomberg - Sprint Nextel Corp. (S) plans to end a network-sharing agreement with billionaire Philip Falcone’s LightSquared Inc. (SKYT) wireless venture as early as next week, according to two people familiar with the matter.
Nothing puts a pep in our step like streaming a little LMFAO radio on our smartphone and busting out a move or two. Until, of course, we see the astronomical data charges from our personal dance party at the end of the month.
