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LightSquared to Release 45% of Its Staff

Feb 21, 2012, 5:01 PM by Eric M. Zeman

LightSquared today said that it plans to lay off about 45% of its work force as a cost-cutting measure. In a statement provided to Reuters, LightSquared said, "This and other cost savings measures will allow LightSquared to continue to navigate the regulatory process as it works with the appropriate government agencies to find solutions to the GPS interference issue and bring its $14 billion privately funded wireless broadband network to more than 260 million Americans." LightSquared has about 330 employees at its Reston, Va., headquarters. A source told Reuters that the company is not considering bankruptcy at the moment.

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Comments

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dlmjr

Feb 21, 2012, 5:24 PM

Hold it....

Sprint has to pay LS $65 million.
45% of LS work force is ~150 people
That works out to about $43k per person from the Sprint payback.

Is Falcone putting that $65 mil in his back pocket?

Is there doubt that Sprint will make the payment?

This is like watching a slow motion car wreck.

dlmjr

My bad... $433,000 per person that they are laying off.

...

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