May 14 (Reuters) – Hedge fund manager Philip Falcone’s dream
of bringing another wireless network to the United States
appeared to collapse on Monday when LightSquared Inc, the ailing
telecommunications company he bankrolled, filed for bankruptcy
LightSquared and many affiliates filed for protection from
creditors with the U.S. bankruptcy court in Manhattan in a move
that had been widely expected for weeks as Falcone, one of the
hedge fund industry’s most powerful players, and LightSquared’s
creditors failed to reach an agreement.
By Svea Herbst-Bayliss and Sinead Carew
(Reuters) – LightSquared Inc MOSAV.UL, the startup telecommunications company bankrolled by hedge fund manager Philip Falcone, is expected to file for bankruptcy protection in the next hours, sources familiar with the matter said.
Falcone has until Monday at 5 p.m. EDT (2100 GMT) to reach an agreement or face a default on a $1.6 billion loan, sources said. While the parties still have a few hours left to negotiate, the sources suggested that a last minute deal is highly unlikely and that the filing is imminent.
May 13 (Reuters) – Philip Falcone’s telecom start-up
LightSquared edged closer to a bankruptcy filing o n
Su nday as the hedge fund manager was far from an agreement with
creditors, sources familiar with the matter said.
Falcone has until Monday at 5 p.m. EDT (2100 GMT) to reach
an agreement or face a default on a $1.6 billion loan, sources
NEW ORLEANS, May 11 (Reuters) – Top U.S. mobile operators
are turning to a new type of equipment known as small cells to
boost network capacity in the face of a shortage of wireless
With consumer demand for wireless data services like mobile
video streaming growing sharply, network operators say they need
access to more wireless airwaves soon or they will risk running
out of capacity to support their customers.
May 11 (Reuters) – Nvidia Corp’s quarterly revenue
and outlook were ahead of low Wall Street estimates on
better-than-expected sales of its latest graphics chips, sending
its shares up 9 percent.
The chipmaker reported strong demand for its newly launched
chips for desktop computers and contract wins for its Tegra
smartphone chips but said revenue and profit is still being
limited by supply constraints and macro economic issues.
May 9 (Reuters) – Shares in MetroPCS Communications Inc
surged as much as 29 percent on Wednesday after
Bloomberg reported it was discussing a merger with Deutsche
Telekom subsidiary T-Mobile USA.
Deutsche Telekom was considering a stock-swap that would
give the German company control over a combined entity,
Bloomberg cited two unidentified sources as saying. Other
options included an initial public offering or an outright sale
of T-Mobile USA, Bloomberg cited its sources as saying.