Lightsquared Fires 45% Of Workers–Reuters
Already near death because of a failure of federal officials to approve the roll out of its 4G LTE service, Lightsquared will fire 45% of its 330 persons labor force, according to Reuters. The company , controlled by embattled fund manager…
Already near death because of a failure of federal officials to approve the roll out of its 4G LTE service, Lightsquared will fire 45% of its 330 persons labor force, according to Reuters.
The company , controlled by embattled fund manager Phil Falcone, can hardly hold own as a going concern much longer. Government delays, based on the fact the Lightsquared signal blocks GPS, are not going to change. The reconfiguration of the entire infrastructure of the firm and its underlying technology would be time consuming and costly.
It is hard to make a case that a company, once so well funded, will continue to operate, when the cost of 150 people is so essential to survival.
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Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.
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A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.