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I think the end of the Daic response is what Daic would like. It was not signed by the judge as having been made the ruling -- yet.
Perhaps, but (1) will the judge allow it? and (2) who will pay for it?
I remain more optimistic.
Per the judge's order, the Receiver must notify the shareholders ten day before he takes any action that would effect the value of the stock. Beyond that, I hope the Receiver doesn't simply keep all of us in the dark. I do believe the patents will be sold this year. The judge has ordered that the pps must be maximized in dissolving the company. That seems pretty straight forward. I am not surprised that stockholders are acting, in large part, like frightened sheep, bolting from a pen when the gate is left open. But selling at two cents a share is just crazy. Buying at one cent a share, however, seems most wise.
People bailing out at one penny a share indicate a lot of confusion and apprehension. But don't forget, 98% of the total shares have not traded. Most people are just waiting to see what happens.
Don't forgot, it's tax time. How many shareholders need a write-off against their year's profits?
I have been involved with several other companies that went into receivership, but neither had any assets of value, let alone a patent worth a fortune.
Going on a month now since receivership, I, too, am becoming concerned about the silence from the Receiver and/or the alleged BOD.
I suspect that Mr. Storm's subsequent actions will depend heavily upon whether he expects to ever be paid for his services.
It's part of the history of this company. The unelected bums that have run it have been giving themselves hefty salaries -- deferred -- to be collected at some time in the future. Because the BOD has never made its records available to us shareholders, we do not have any details beyond their occasional mention of these salaries, plus huge secret bonuses, they have awarded themselves. As such, they must be classified as liabilities against the value of the company. Perhaps some other board members have more details. However, I believe the Receiver has the power to disallow these salaries and bonuses. I don't know if he will. He has been mute since his appointment.
Not only is the BOD still doing nothing, the Receiver may decide that their claimed deferred salaries are worth zero. That would be sweet.
You seem to be under the illusion that investing in a stock guarantees a hefty profit. As the kids say, "Not!" Please post the documentation showing that the patents will be sold at fire sale prices. Please read the Judge's order. The Receiver may do nothing without first, at least ten days in advance, notifying the Shareholders.
My biggest disappointment on this date is that the BOD has been allowed to remain in existence. Since the Judge has barred them from conducting any business without explicit approval of the Receiver, just WTH are they doing?
Sorry, no. You must have read a different court decision.
In just so many words the judge ordered the receiver to dissolve the company, wind-up its affairs, and split among the shareholders the remains of company assets after valid creditors are paid. I see no wiggle room to create a new BOD and stay in business, nor would I want such.
FCC urged to close LightSquared case
By Dan Namowitz
The Federal Communications Commission should proceed with plans to suspend LightSquared’s authorization to build a wireless network that threatens the GPS system, and “expeditiously bring the administrative process to a close,” said AOPA and the General Aviation Manufacturers Association (GAMA).
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FCC urged to close LightSquared case
The two associations, in joint comments filed Feb. 29, urged the FCC to proceed with its announced plans to vacate LightSquared’s authorization to build a mobile-satellite network dependent on ground transmissions shown by tests to overwhelm the much weaker adjacent GPS signals. The FCC had called for a new round of comments in the case Feb. 15 when issuing a public notice stating its intention to freeze the project, citing the tests’ conclusion that the network caused intractable GPS interference.
That conclusion—including the opinion that no solution was possible any time soon—was presented to the FCC by the National Telecommunications and Information Administration (NTIA), following a year of technical review. The day after receiving the NTIA’s letter, the FCC announced its intention to end the LightSquared project—a move immediately embraced by AOPA as a likely end to a serious threat that has loomed for aviation and other users of the GPS system.
“It is clear that the LightSquared approach, in all its variations, will cause harmful interference with GPS technology,” said Melissa Rudinger, AOPA senior vice president of government affairs, and Jens Hennig, GAMA vice president of operations. “Numerous data and studies also show that LightSquared cannot resolve this harmful interference. We agree with NTIA that additional testing of LightSquared’s proposals is neither necessary nor warranted, given that ‘there is no practical way to mitigate the potential interference.’”
Affirming “strong support” for the FCC’s proposed actions, AOPA and GAMA urged the FCC “to vacate LightSquared’s Conditional Waiver Order, modify LightSquared’s satellite license, and suspend indefinitely LightSquared’s ATC [ancillary terrestrial component] authorization. FCC should also expeditiously bring the administrative process to a close,” they wrote.
Despite public defiance, LightSquared has been reeling since last fall from a string of setbacks for both the wireless venture and its financial backers—a trend that continued.
On Feb. 28, LightSquared announced the resignation of its CEO, Sanjiv Ahuja, who will stay on as board chairman. He had been CEO since 2010.
Philip Falcone, the hedge-fund executive whose Harbinger Capital Partners investment vehicles have placed $2.9 billion in bets on the wireless network venture, joined the LightSquared board, according to published reports. He promised an “aggressive” approach to company financial management.
That news followed the previous week’s disclosures that LightSquared would lay off about half of its 330-member workforce, and had failed to make a $56 million payment due satellite operator Inmarsat.
Also, the Wall Street Journal and a hedge fund industry newsletter reported that Harbinger investors had filed suit against Falcone and the investment firm over the LightSquared financing, claiming that it “squandered” billions of dollars on the vigorously opposed project.
Having "left-overs" from $600M is just fine with me.
OK. Thanks for the answer.
We use Scottrade. Every time I've called them they enter whatever order I make. That we cannot find one seller to sell at one-tenth of a cent above the current pps screams stock manipulation.
Good point. DSU is not the only alias to disappear as soon as the company entered receivership. It is my perception that this stock is still being manipulated down as much as possible under the circumstances. I suspect the goal is to grab as many cheap shares as possible -- probably in a coordinated manner -- before the Receiver stops the stock from trading. These manipulators are also waiting for a big pay day when the Patents are sold.
And has already been noted, selling your stock now at several cents is like tearing-up your lottery ticket just before the drawing because you can no longer stand the suspense. D'uh!
Interesting that someone would bring this up. We all know that the daily pps is meaningless against the backdrop of the Patent sale in the hundreds of millions or even billions of dollars. That said, there is stock manipulation going on. Yesterday, and then again today, I have spoken with people who have tried to buy the stock several cents above its current price -- and cannot get their orders filled. Scottrade is one broker actively selling and buying CLYW for its customers. I am sure there are others. But after the stock drops, when someone places an order for a few cents higher in the belief that the pps is about to rise again even higher, they cannot find anyone to sell. That just plain doesn't make sense unless the stock is being manipulated.
Upon what basis?
Of course he does. CLYW took ownership of the patent in 2004. Each subsequent settlement was done illegally by "an unelected illegitimate BOD."
GPS: 2, LightSquared: 0.
My money's on the Receiver telling Diac his "settlement" is toast and that his ill-gotten shares will be void.
Stiffed you, didn't he? Fool me once, shame on you. Fool me ten times, shame on me.
And just what is the enabling technology they have unveiled? Our patent?
SirH, I wouldn't sit by the phone waiting for Daic to call you. Just saying. He's looking at the Receiver dumping the Double Secret Probation Settlement signed by officers the judge has ruled are "illegitimate and unelected" that we dirty shareholders haven't been allowed to see. He is also looking at the possibility the Receiver will take all his illegal, unauthorized (in the judge's words) millions of shares away. I doubt Daic is in a good mood.
Have you had the conversation with Daic yet?
Same here. I am able to buy through Scottrade but I have to call my broker to place the order and the pps is set artificially low.
90,500 shares sold today for a whopping $2,262. This on a patent worth billions. Perspective, people. Let the day traders have their fun.
It's all up to the Receiver who, per court order, must inform stockholders at least 10 days before he takes any action to sell or license the patent. If the stock is still trading we will see jumps to unbelievable levels. At worst, CLYW owes legitimate creditors perhaps $10M, and the Receiver decides who is legitimate. The Daic "settlement?" Up to the Receiver as to which parts, if any, are valid since the judge ruled the BOD was "illegitimate and unelected" and thus could not sign anything for the company. I've been a long since 2004 and the fact that things will finally resolve this year is a wonderful breath of fresh air.
Sickening. Apparent proof of either patent suppression or utter incompetence. Probably the former.
I have mixed feelings about this. If the judge fails to dismiss the TM suit, TM will be in first place to bid on the patent. If the judge does dismiss, then TM will be at the back of the line to bid on the patent. I don't see it making much of a difference to us stockholders. Keep in mind that the patent has a double value -- both in revenue going forward and in patent infringement in the past whose value can be recovered in the courts.
I agree on the stock. That window is closing quickly. Those who aren't willing to risk 4 or 5 cents a share will be crying next year.
As for the former BOD, I cannot believe they were as stupid as they appear. We're talking can't-tie-your-shoe stupid. I still believe they were deep into patent suppression for some scheme they were cooking up for their very wealthy retirements with us shareholders out in the cold. I hope the receiver recommends criminal charges if warranted.
We used to have T-M. Horrible. Dropped calls all the time. Could only make calls from the back of the house, not the front.
Forced to go to Verizon.
Care to decipher this for the rest of us?
LightSquared Laying Off Nearly Half of Workforce
By Stephen Pope / Published: Feb 22, 2012
LightSquared said on Tuesday that it will lay off nearly half of its employees after the Federal Communications Commission last week blocked the company’s plans for a nationwide 4G network that testing shows interferes with GPS signals.
LightSquared said it will layoff nearly half of its 330 employees, calling the move a “prudent and necessary cost-saving measure to ensure the long-term success of the company.” The FCC last week dealt the Reston, Virginia, company a severe setback when it revoked permission for LightSquared to move ahead with its wireless network after military and FAA tests showed its signals would block signals to many GPS receivers.
With its plans for a nationwide 4G wireless network all but dead, LightSquared said it will now focus on the satellite services side of its business. “The company remains committed to managing its core business operations, serving the more than 300,000 government, public safety and commercial users of its satellite service,” LightSquared said in a statement.
Although the apparent imminent threat to GPS appears to have abated, the LightSquared saga might flare up again at some point. The Wall Street Journal is reporting that Philip Falcone, the money manager who staked his hedge fund on the wireless network startup, has hired lawyers to formulate a strategy aimed at reversing the FCC’s decision.
CLYW was ALWAYS a lottery ticket, and this year it pays-off.
Do you know that he has 200K shares? Actually, if he didn't buy them but the Board of Crooks whistled-up these shares from the Twilight Zone Closet like the millions they gave one another, he may have no shares at all.
>>If this patent/technology is real and can or is being used in today’s wireless applications then why in the heck is this not mentioned in any of these articles? <<
Why should he? CLYW certainly hasn't given him any reason to. Yet.
Even better.
=============================================================
Documents: LightSquared shaping up as the FCC’s Solyndra
Published: 12:12 AM 02/21/2012 | Updated: 6:41 PM 02/21/2012
By Matthew Boyle - The Daily Caller
WASHINGTON, DC - DECEMBER 21
Documents and copies of communications obtained by The Daily Caller indicate that the Federal Communications Commission propped up broadband company LightSquared with favorable regulatory decisions and other special treatment, while driving its competition out of business.
In August 2008, Wall Street hedge fund Harbinger Capital Partners, owned by longtime Democratic political donor Philip Falcone, sought to buy a majority stake in the satellite company SkyTerra — the company that would later become LightSquared. On June 27 of that year, just before Falcone’s Harbinger Capital sought FCC approval for that purchase, Falcone donated $28,500 to the Democratic Senatorial Campaign Committee. But on Sept. 3, 2008, $20,000 of that donation was returned for an unknown reason.
The donation was unusual for Falcone: He had only donated to Democrats in and around New York City over the past decade, and he had a long record of donating to Republicans, including to George W. Bush’s presidential campaigns in 1999 and 2004. But Falcone’s DSCC contribution was the first in what would become a pattern of major Democratic donations in the coming months and years.
Before Barack Obama became president, he was personally an investor in SkyTerra. Falcone’s Harbinger Capital Partners donated $50,000 to Obama’s inaugural committee on Jan. 20, 2009, according to the Center for Responsive Politics. At the time, Falcone was still looking for the FCC’s sign-off on his hedge fund’s desire to purchase a majority stake in SkyTerra. The George W. Bush administration had failed to green-light the deal.
According to White House visitor logs, Obama’s new FCC chairman, Julius Genachowski, a classmate of the president’s from Harvard Law School, met with White House Personnel Director Don Gips on Feb. 18, 2009. Gips’ personal financial disclosure forms show he had between $250,000 and $500,000 of his personal finances invested in SkyTerra via stock options. Gips bundled at least $500,000 in donations to Obama’s 2008 election campaign, and served on the advisory board of Obama’s White House transition team.
It’s unclear what specifically Gips and Genachowski were discussing at that White House meeting; but shortly after that meeting SkyTerra named two members of Obama’s White House transition team to senior leadership positions at the company. On March 9, 2009, SkyTerra hired Gary Epstein, an FCC political appointee for the first few months of the Obama administration and a member of Obama’s transition team, as its executive vice president. On May 11, 2009, SkyTerra named Jeff Carlisle, another Obama transition team member, to serve as its vice president of regulatory affairs.
Not too long after those Obama-tied hires, lawyers for Falcone’s Harbinger fired off an email that may suggest FCC coordination to approve the sale of SkyTerra to Harbinger outside of what is procedurally acceptable. In an email titled “we’re signed off with Team Telecom,” Henry Goldberg of Harbinger’s law firm, Goldberg, Godles, Weiner & Wright, wrote to FCC International Bureau Chief Howard Griboff on July 24, 2009.
Read more:
http://dailycaller.com/2012/02/21/documents-lightsquared-shaping-up-as-the-fccs-solyndra/#ixzz1n8y0HpdX
This is too rich.
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Documents show Obama’s FCC used regulatory muscle to destroy LightSquared’s competition
Published: 1:35 AM 02/22/2012 | Updated: 2:09 PM 02/22/2012
By Matthew Boyle - The Daily Caller
The Daily Caller has obtained documents, emails and communications showing how President Barack Obama’s Federal Communications Commission demolished wireless broadband company LightSquared’s competition through a pattern of regulatory decisions apparently aimed at establishing an “open-access” Internet in the United States.
The FCC successfully green-lighted LightSquared’s corporate formation in 2009 by allowing Wall Street hedge fund Harbinger Capital Partners to purchase majority ownership in satellite company SkyTerra. A major obstacle that still remained in LightSquared’s way was competitor GlobalStar.
GlobalStar had a similar operation to the one LightSquared was building at the time. A major difference, though, was GlobalStar’s already-orbiting satellites, and the broadband Internet access it was already providing to Americans in rural areas of the country.
GlobalStar leased terrestrial spectrum to Open Range Communications, a company that provided broadband Internet access to customers in underserved parts of rural America. Open Range’s business model depended on a 2008 loan, worth $264 million, from the U.S. Department of Agriculture’s Rural Utilities Service.
In 2008 the FCC gave GlobalStar a 16-month waiver from so-called “gating” rules, which required it to guarantee that its satellite service would be continuously available everywhere it offered broadband service, and also required it to maintain spare satellites in case of an urgent need. GlobalStar had said the issues its system faced would be fixed when it could launch 24 new satellites, which it planned to do by July 1, 2010.
The waiver was meant to allow GlobalStar and Open Range to continue building their networks while GlobalStar fixed those issues. Open Range depended on GlobalStar for its continued operation.
Then, the unthinkable happened: On April 6, 2009 an earthquake struck L’Aquila, Italy, damaging a factory that made component parts essential to GlobalStar’s satellites. The factory closed, reopening eight months later in early December 2009. (RELATED: Documents: LightSquared shaping up as the FCC’s Solyndra)
Read more:
http://dailycaller.com/2012/02/22/documents-show-obamas-fcc-used-regulatory-muscle-to-destroy-lightsquareds-competition/#ixzz1n8xYN6MD
If I understand the judge's instructions, the receiver will be paid by the hour. It thus makes little sense for him to try and put as little effort into this as possible.