Revlis wireless

[ciciagt]

LightSquared CEO Steps Down, Falcone Named to Board
http://www.pcmag.com/article2/0,2817,2400905,00.asp

LightSquared chief executive Sanjiv Ahuja stepped down Monday amidst a battle with U.S. regulators.

Doug Smith, LightSquared's chief network officer, and Marc Montagner, the company's chief financial officer, will serve as interim co-CEOs while the company searches for a permanent replacement. Ahuja will remain as chairman of the board and Philip Falcone, the billionaire hedge fund manager who has invested millions in building out a LightSquared LTE wireless network, was also appointed to the board, the company said in a statement.

"Sanjiv has shown great leadership in bringing the LightSquared vision to this point, including leveraging his experience in the telecom industry to sign dozens of critical partnerships across the country," said Falcone, who runs Harbinger Capital Partners.

Falcone promised that the company's interim leaders would steer LightSquared in the right direction. That direction, the company said, still included a wireless network.

"Doug and Marc have been recognized leaders in the industry and bring an exceptional combination of experience, intellect and character to the management team," he said. "They also know our opportunities and challenges as well as anyone, and are uniquely suited to lead the company forward. I look forward to working closely with them to bring affordable, reliable, and high-speed wireless connectivity to all Americans."

The embattled wireless company last week was reportedly planning to fire nearly half of its 330 employees as its financial difficulties mount and a plan to launch a new LTE network in the U.S. appears to have hit an insurmountable regulatory roadblock.

LightSquared said last Tuesday that it was gearing up to lay off 45 percent of its workforce in a "prudent and necessary cost savings measure to ensure the long-term success of the company."

Falcone has insisted that LightSquared won't shut down despite a series of disastrous developments.

.....more if you click the above link.....