Light squared moves towards bankruptcy
Hedge-fund manger Philip Falcone's LightSquared Inc. venture is preparing for a potential bankruptcy-protection filing, as negotiations with lenders to avoid a potential default faltered, according to people familiar with the matter.
The two sides still have until 5 p.m. Monday to reach a deal that would keep LightSquared out of bankruptcy court, and there were some indications over the weekend that a final decision hadn't yet been reached on the company's fate. Still, the two sides remained far apart and people involved in the negotiations expected LightSquared to begin making bankruptcy preparations in earnest.
A stock like a box of chocolates you never know......
