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Lightsquared... It isn't a public company, is it? If it's publicly traded, there should be an investigation of the board. They are frittering away any potential investor equity instead of just closing down, settling debts and returning whatever is left to shareholders. (They may already be underwater in that regard but...)
If they are funded by private investments/banks, I'm a bit less concerned but invariably the loss will still affect some fund where us commoners have 401k money.
If you don't think so, think about this dialog from Trading Places:
Randolph Duke: Good, William! Now, some of our clients are speculating that the price of gold will rise in the future. And we have other clients who are speculating that the price of gold will fall. They place their orders with us, and we buy or sell their gold for them.
Mortimer Duke: Tell him the good part.
Randolph Duke: The good part, William, is that, no matter whether our clients make money or lose money, Duke & Duke get the commissions.
Mortimer Duke: Well? What do you think, Valentine?
Billy Ray: Sounds to me like you guys a couple of bookies.
Randolph Duke: [chuckling, patting Billy Ray on the back] I told you he'd understand.
actually it is a private "limited partnership" that they had hoped to spinout once they had approval, but before they did anything expensive that would fail.
All the investment groups and creditors KNEW this was a shot in the dark, and guess what, they fired and hit the 99.99999% plus of near space that is empty.
Why the partners have dumped more cash into this sinking ship rather than swimming for shore is beyond me, at least bankruptcy might preserve some value from the actual assets (frequentcies, satellites, IP, etc) continuing outside bankruptcy is like trying to build a lifeboat with loose stacked bricks of cash, even less workable then the original idea.
They did not all know it was a shot in the dark. Falcone did I'm sure, but IMO he misled the other investors and that's why they all tried to throw him off the board even though he's the majority investor.