LightSquared Inc., the bankrupt wireless broadband venture, promoted Doug Smith to the job of chief executive officer and said the company would overcome the regulatory impasse that helped push it into default.
LightSquared Inc. said today Chief Executive Officer Sanjiv Ahuja resigned after regulators this month blocked its proposed wireless venture, saying it would cause interference with navigational equipment.
Billionaire Philip Falcone’s LightSquared wireless venture is in advanced talks to lease its spectrum to U.S. technology companies and has reached agreements with device makers, Chief Executive Officer Sanjiv Ahuja said.
Billionaire Philip Falcone’s LightSquared Inc. wireless venture said it will use a different set of airwaves for its service than originally planned to help prevent interference with U.S. global positioning-systems.
Billionaire Philip Falcone ’s LightSquared plans to expand to as many as nine U.S. metro areas next year, challenging Clearwire Corp. ’s lead in offering fourth-generation wireless services, company documents show.
The U.S. Federal Communications Commission vowed to block LightSquared Inc. after the Obama administration found the wireless venture backed by hedge-fund billionaire Philip Falcone would disrupt navigation gear.
Philip Falcone’s LightSquared Inc. wireless venture will interfere with agricultural equipment even if it follows its plan to lessen interference with the U.S. global-positioning system, a Deere & Co. official said.
Billionaire Philip Falcone ’s private U.S. wireless network said it will spend $7 billion over 8 years to compete with Sprint Nextel Corp. and other carriers, and could pursue an initial public offering.