Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
>>I think they would get the point. Tmob may very well be willing to go through the markman hearing, but once a ruling is made by the judge the settlement figure escalates quite rapidly.
The judge's recent remarks indicate a jury trial. NO ONE wants to be the defendant in a jury trial.
>>It's all history now, but their shares would have been worth so much more had they gotten the Tmob case to the Markman Hearing two years ago and so would ours.
Please don't forget what was happening. As court records now show, Daic was stealing the company, with the full cooperation of past and present company officers (and MAN! I can't wait until their individual trials!) They had no interest in maximizing anything except for themselves. The court recently substantiated the charge that CLYW was always an unlawful scam to enrichen the pirates in charge. That honest people bought stock not knowing what was really going on is where we here on this board came from.
If our Receiver has not been in contact with them, he would be incompetent.
=============================================================
‘Bankruptcy’ may loom for LightSquared
By Dan Namowitz
LightSquared, the capital venture whose plan to build a wireless network imploded because its technology blocked GPS signals, may file for bankruptcy, said published reports.
AOPA Top Stories
Several news organizations reported this week that the hedge-fund-financed company, of Reston, Va., has until April 30 to persuade bondholders not to pull the plug, despite big losses in 2011 and a Federal Communications Commission order in February revoking the network’s conditional network approval.
Philip Falcone, manager of the hedge fund that has invested about $3 billion in LightSquared, said that a “voluntary bankruptcy” might be a way to keep the company alive in a bid to complete the network, reports said. He was also reported looking into signal-filtering technology to solve interference problems.
The Reuters news service reported that creditors of Falcone’s Harbinger Capital Partners might force LightSquared into bankruptcy if he cannot forge a deal by the end of April. The report said several other hedge funds were considering holding LightSquared in default of a $1.6 billion loan.
LightSquared first won conditional approval to proceed with its network in January 2011. Since then, opposition from private-sector and government agencies has focused on technical data from FCC-ordered tests that proved that the network’s powerful ground transmitting bases overwhelmed the weaker GPS signals.
The FCC revoked its approval in February in a proceeding that AOPA and the General Aviation Manufacturers Association urged be expeditiously closed. Also in February, LightSquared CEO Sanjiv Ahuja resigned.
How does one sell and buy a delisted/frozen stock?
Hey America! We're Ranked #16 in Broadband!
Meanwhile, no word on our Patent that's worth billions as the frequency spectrum gets overloaded.
============================================================
Q: Do you live in America?
If you answered, "yes," you can proceed directly to the "You live in a country ranked 16th in the world in broadband penetration, speed and price" section below.
You live in a country ranked 16th in the world in broadband penetration, speed and price.
It's true. The U.S. ranks an average of 16th in the world in these three categories. That puts us behind countries like Portugal (15th), Belgium (9th) and Denmark (2nd), whose residents enjoy greater access to a faster, cheaper Internet than Americans do.
There's one core reason for our poor global performance. As journalist Rick Karr explained in his film on the state of broadband in Europe, a simple "game changer" -- competition -- leads to better broadband.
But competition in the U.S. broadband market is virtually nonexistent. That means that millions of Americans live without high-speed Internet access, and those who do have it experience slower speeds and higher prices than their European counterparts.
Most U.S. residents have a choice of only one cable provider, with slower DSL and satellite providing a cheap façade of competition. Big broadband companies are all too happy to point to this "competition" whenever they're asked why they've been allowed to become quasi-monopolies that dictate how -- and for what price -- we connect to the Internet.
Now the tiny sliver of broadband competition that still exists in America could disappear completely. Verizon and a group of cable companies including Comcast, Cox and Time Warner Cable have settled on a deal that would allow them to divide up the broadband market among themselves, leaving Internet users in the lurch.
In short, Verizon would purchase a big chunk of wireless spectrum owned by the cable companies in exchange for an agreement to resell those companies' broadband services to its customers -- customers who once hoped that Verizon would build out its own FiOS network to compete with these very same cable companies.
This deal amounts to an agreement between Verizon and these cable companies to stop competing. Whatever slices of the broadband market they currently dominate, they'll continue to dominate -- without the threat of competition. With that threat removed, these companies will have little incentive to lower prices, increase speeds or build out to underserved areas.
Meanwhile, Verizon's wireless spectrum purchase would make the already concentrated mobile market even more so -- with AT&T and Verizon controlling two-thirds of all wireless subscriptions, 80 percent of the most valuable wireless spectrum and 80 percent of the entire industry's profits.
The U.S. broadband market is in bad shape. More competition could help fix it, but shady business deals and bad government policies are fostering more concentration, not less.
How do we solve this competition problem? We're asking Congress, the Justice Department and the FCC to block Verizon's proposed deal. That's a start. But we also have to support other forms of broadband competition, like municipally owned networks that compete with -- and often beat -- big incumbents like Comcast when it comes to speed, access and affordability.
Unfortunately, those incumbents have spent millions to pass state-level bills that outlaw such networks. A movement is coming together to support communities' right to decide for themselves whether to build such systems. You can join it here.
You can also learn more about the history of corporations trying to control our access to basic utilities at the expense of residents who have depended on those utilities for their very survival. Indeed, many people see the battle for broadband as the 21st-century equivalent of the fight for rural electrification.
We oppose the Verizon-cable deal and support community-owned broadband networks for one simple reason: Without competition, companies will leave Americans behind when it comes to the basic information utility of our time.
http://www.huffingtonpost.com/josh-levy/broadband-rankings-worldwide_b_1400630.html
This time, the BOD pulls its old crap, they get sited by the judge for contempt of court, with possible jail time.
The Judge has ordered the BOD to absolutely nothing without the permission of the Receiver. Think Obama and the Democrat Senate.
I was offered the shell of a defunct company several years ago. Yeah, right. Accept tons of untold liabilities along with a defunct corporation. Who wouldn't jump at a chance like that?
Then the unelected, illegitimate officers already found by the judge to be crooks ('Calypso has always been a scam')are personally liable.
We need to learn if the company had any liability insurance. If not, then personal liability insurance for the officers in question. Many people have umbrella policies of 1-2 million.
The Judge called them unelected, illegitimate officers who were knowingly involved in scamming the investors. That's pretty clear. He also called to task for the same things all current and former officers. He also said Williams had been involved in unscrupulous behavior and that he may have broken the insider trading law. There is a lot of blame to go around here, not just in the behavior of a few. I find it impossible to believe that any officer who served was unaware of what was going on. The civil suits for damages coming against the officers will clear-up a lot of questions. I am surprised that we have not yet heard from a contingency lawyer wanting to start a class action suit. That will come.
>>Go back pre-receivership when you had Turrini and Pierce ready to hang,
Guess you haven't been keeping up with current events. The Receivership Judge verified my complaints in his finding of facts. They are posted here on iHub.
>>I don't have time.
I'm sure.
So you say. Please post message numbers.
Because non-verifiable charges are at best rumors and at worst actionable slander.
He didn't. I was involved in bringing a complaint to the SEC some years ago. I then asked for follow-up and they told me all investigations are confidential and that if I heard anything it would be only after an indictment had been returned against the bum in question.
Any contacts between the receiver and potential buyers must be kept in strictest confidence, for both business and legal reasons.
How would you know? The SEC keeps this info secret. Are you an insider?
You assume that the receiver will accept the Daic "settlements." I don't. They were concluded by an unelected, illegitimate BOD, in the Judge's words, using investor money stolen through a "scam," to use another quote from the judge.
Even if Daic gets away with his deals, you then assume that he will just waltz in and get the Patents on the cheap in an industry choking to death on spectrum collapse. I don't.
You then assume that because the judge said Daic is a "natural bidder," there will be no others. That every single telecomm company out there -- doing about three trillion dollars a year in business as a group -- will let Daic or anyone else steal the patent and then (1) lock them out of seamless switching and (2) spend the next five years suing them into ruin for patent infringement. I don't.
Yes, I am an optimist. That said, Daic has been a big fish in the tiny Calypso Pond. Those days are over.
I am more optimistic than I was six months ago. Last September we did not have the judge's flaming damnation of Turrini, Daic, Pattin, and friends, which has since last month put them on the receiving end of an unlubricated colonoscopy probe. The telecomm industry is literally in a death struggle for ways to serve a customer base that demands a 100% increase in capabilities every 18 months, against the background of metaphorical concrete walls hemming-in the finite RF spectrum. LightSquared's entire multi-billion dollar investment is crashing down and the 923 Patent could save them. I have no technical degrees and even I know that CLYW's technology is almost boundlessly valuable. Just the payments for back unauthorized use total in the tens or hundreds of millions of dollars.
The flip side, of course, is the combination of bad faith and stupidity. Many are now involved behind the scenes working to defraud us shareholders of the money that the patents are worth. The court is the court and knows as much about telecomm as fish know about space travel and without proper guidance may well sell the patents out from under us. Daic and his allies are on court record as allegedly having tried to steal the company before. And many stockholders are in danger of becoming a herd of panicked sheep, running, wild-eyed and drooling, from one end of the pen to the other in mindless fear.
It's a waiting game, but a far better one than before, I contend. The professional thieves that bedeviled us for years are now in the same pen as the rest of us. This case will take months to unravel, maybe another year. So what? We are now far likelier to meet next year in Las Vegas than we were before. Make mine a Manhattan. Two cherries. For my lovely bride, Southern Comfort, straight-up.
Interesting page at www.calypsowireless.com
Thanks.
The math is simple. 200M shares (less unauthorized shares the Board of Crooks (as classified by the Receivership Judge) awarded one another and that I believe the receiver and the SEC can nullify). Valid liabilities of perhaps $15M, less ridiculous deferred salaries claimed by current and former members of the Board of Crooks (this excludes possible science-fiction-level deferered payments insiders may claim and that the Receiver should be able to quash) . An alleged $40 million that simply *poof* disappeared! under the Pattin/Turrini/Daic watch while these individuals were embroiled in numerous personal lawsuits. A patent worth between $100M and $1 billion +, per court testimony.
With current information, I expect a final pps of between $1 and $1.50.
I believe the BOD worked actively to suppress the Patent so they could in some way steal its value from the shareholders. After more than a decade of this likely criminality, the Receiver has had exactly five weeks to try and sort things out. The Judge has charged him with getting the most money he can for the shareholders. If he doesn't, we'll know and will be able to raise some hell of our own. But for now we need to give him the months he needs to get rolling. Killing the stock was not unexpected and was done pretty quickly after he took over. For the stock to finally be worth less than, say, 20 cents a share, the company and its Patents would have to be sold for less than $35 million including payoffs for all valid debts and liabilities. Won't happen. Longs who bought at artificially high prices of dollars will most likely be left holding the bag. Those who have an average price per share in the single cents will come out ahead.
We still have a board of directors, although what they are doing these days is a good question. Probably spending all their time lawyering-up or dusting-off their passports. In fact, one issue is their alleged using of Company money to hire lawyers to defend them personally against personal wrongs they committed while company officers (i.e. the charge that Daic stole company money to fight his ex-wife in court). In just the recent court decision on Receivership, the judge has already found as a "statement of fact" massive wrong-doing by current and former officers and that Calypso was formed as a scam meant to defraud innocent investors.
In general, a plaintiff has 36 months after an alleged wrong (a "tort," or civil wrong) to bring suit for money damages and a finding of the defendant having been at least 51% at fault. Details vary by state. We need several pit-bull contingency lawyers and a class action suit against the "negligent." In the case of the Receivership itself, plaintiffs may also go after a Receiver they believe wronged them during the liquidation, although such is far less likely to be successfully pursued.
For now I'd suggest we wait with some patience for events to unfold.
LightSquared is into its investment for a reported $8 billion and cannot use its technology as that would destroy the GPS system. The company faces imminent destruction, despite some government insiders having invested heavily in it who are now thrashing-around desperately, trying to save their money. They COULD use our Patent. I know a shareholder who has written directly to LightSquared, urging them to contact our Receiver.
Patience. Peace. I know it hurts to go to your online portfolio and see a big, smoking hole where CLYW used to be, esp. for us longs. This drama has a long way to go before the final chapter. The Receiver has been ordered to get the most money possible for the shareholders. He has not been ordered to do it by next week. Cases like this can easily take a year or more to conclude. Then we go for civil damages.
*CKCCHHKKTTCK* Earth to Receiver ... Do you read me, Receiver? ... *CKCCHHKKTTCK*...
----------------------------------------------------------------
Republican urges LightSquared's approval as sides make final push
By Brendan Sasso - 03/15/12 02:39 PM ET
GOP Rep. Alan Nunnelee (Miss.) urged the Federal Communications Commission (FCC) to not block wireless startup LightSquared's planned 4G network in a filing with the agency.
"This technology is too important to the 260 million Americans looking forward to the affordable access that only LightSquared can provide, to close the door at this point, and I urge you to do everything you can to find a solution,” Nunnelee wrote in a formal comment to the FCC.
Although the FCC granted LightSquared a conditional waiver to move forward last year, testing has shown its network could interfere with GPS devices. After a review concluded there was no feasible way to fix the interference problem, the FCC said it would pull LightSquared's waiver and bar it from launching its network.
“LightSquared has proven that there are practical, affordable solutions to the interference issues that have been presented in the past. Now, as the GPS industry scrambles to keep LightSquared out of its own licensed spectrum, it is a huge disappointment that the FCC appears to be siding with GPS and ignoring the fact that LightSquared has invested billions of dollars and done everything asked of them up to this point to resolve interference with GPS devices," Nunnelee wrote.
He suggested that the FCC should find new frequencies for LightSquared to use if it cannot fix the interference problem.
"If the GPS manufacturers refuse to fix the receivers that have been designed to utilize LightSquared’s spectrum, give LightSquared new spectrum," Nunnelee wrote.
Friday is the deadline for comments on the FCC's proposal to block LightSquared, and March 30 is the deadline for responses. Nunnelee sent his letter on Feb. 28.
Testing showed that LightSquared's signal does not bleed into the GPS band. Instead, the problem is that GPS receivers are too sensitive to filter out LightSquared's powerful cell towers operating on nearby frequencies.
LightSquared claims it is the GPS industry's responsibility to build receivers that only listen to their own designated frequencies, but GPS companies argue that LightSquared is trying to build a cellphone network relying on frequencies that should only be used by satellites, which transmit much fainter signals.
Other officials who filed comments in support of LightSquared include three Mississippi state representatives, a Miami, Ohio, county commissioner, and a county official from Beattyville, Ky.
Groups who urged the FCC to move forward with its proposal to block LightSquared's network include the National Association of Manufacturers, American Congress on Surveying and Mapping, the National Society of Professional Surveyors and Georgia Cotton Commission.
In its filing, the Coalition to Save Our GPS, which represents the GPS companies, noted that language inserted into a government funding bill specifically bars the FCC from approving LightSquared until it fixes the interference problem. The coalition argued the legislation requires the FCC to reject LightSquared.
The group said allowing LightSquared to move forward would cause widespread problems with GPS devices, including those used to navigate airplanes.
"While the Coalition recognizes that making more spectrum available for terrestrial mobile broadband is a laudable goal, it cannot come at the expense of an existing, critical service like GPS," the group wrote.
Some Republicans have questioned whether the FCC and the White House have shown inappropriate favoritism to LightSquared. Sen. Chuck Grassley (R-Iowa) has vowed to block President Obama's two FCC nominees unless the agency released internal records on its review of the company.
The White House and the FCC have denied giving any special treatment to LightSquared, but expanding broadband access has been a top priority for both agencies.
Last September, Rep. Michele Bachmann (R-Minn.) accused Obama of "crony capitalism" for allegedly giving favor to his political supporters, pointing to Harbinger Capital's Philip Falcone.
Falcone, who has donated thousands of dollars to both Democrats and Republicans in recent years, says he is a registered Republican and denied any attempts to influence the process through political connections.
Don't be impatient. In a situation like this, business case studies suggest anywhere from three months to a year to get the best deal possible. We're at five weeks. After Turrini's and Daic's apparent ongoing organized crime spree of the past eight years, a little longer cannot and will not hurt. Remember, we are talking tens of millions of dollars -- perhaps more. Five weeks is just about enough time to figure out who to call first.
I think people should plan on getting something for their stock. You know what I mean?
By definition, shareholders have no control over their investment after its being put into receivership. That things are happening in weeks and months instead of years is a good thing. Don't forget: the Receiver may take no actions regarding selling assets or making any other deals unless he first posts the planned actions at least 10 days before hand.
Lay off Williams, will you? The record from the Receivership appointment makes it clear that Willaims' fouls were small potatoes compared to the ongoing outrages committed by organized crime family of Turrini, Pierce, Pattin, and Daic. I wouldn't be too happy either if I were DE Wine. It's all blood under the bridge now. I am very happy that this mess will be resolved this year instead of dragging on like some Charles Dickens story.
I believe this is correct. Scottrade and others still list my shares in my accounts at yesterday's price. Trading is finished. The pps is meaningless. The total shares will be worth whatever the final settlement is, less provable company liabilities. We do not know if the receiver was involved in the revocation. Daic, et al, must be kicking themselves today. Had they operated honestly their stock would be worth tens of millions. Now, they shuffle into line with the rest of us.
Don't know. The BOD and other former officers claims to have between 40 and 60 million shares. There is no volume indicating their selling. There is no volume at all, for practical purposes.
Selling shares at a penny is the same as tearing-up your lottery tickets because you can't stand the chance of losing. Utterly irrational.
To be fair, whatever the Receiver's ventures in honoring the Judge's charge will follow him for the rest of his life. He knows that.
Agree. It doesn't make any sense. For the stock to be worth just several cents assumes that the patent has no sale value. That's incoherent. Unless we get the sense that the Receiver will violate the Judge's order and give away the company's patents. What is your current feeling about how the Receiver is maximizing the value of the company assets now that we are into the second month of receivership?
No. The commission at Scottrade is $27/trade.
Don't apologize. I think I can speak for all posters here in thanking you for your hard work in letting shareholders know what's going on. That people have driven the pps down to this level defies comprehension. I've been buying. 8*)
Good development. Does Storm have to have the Receiver's permission to pursue this case?