If you thought the LightSquared saga was over, think again. Not even the FCC could shut them down as the company continues to push forward to provide insane 4G speeds to the masses, even to this day. After their top investor, Philip Falcone, stepped down as public face of the company, a lot of speculation arose as to what would happen next to LightSquared. This week, we have some answers.
In what seems to be similar to that of a boxer continuously answering a referee's ten-count, there's a lot of fight left in LightSquared. Even in its current bankrupt state, the company is still moving forward as best it can and this week, promoted Doug Smith to the CEO position of the troubled corporation. Smith's first comments as new CEO were that they would fight through the FCC's regulations and blockade that put LightSquared into bankruptcy protection in the first place.
Before being appointed new CEO, Smith was LightSquared's co-COO and one of the designers on the actual 4G network. Smith will also be chairman of the board effective immediately, in addition to his chief executive seat. The company's previous CEO, Sanjiv Ahuja, resigned at the end of February and while was not the public head of the company, tried to lead the fight against the FCC, while trying to keep Falcone in the spotlight at the same time. After the resignation, CFO Marc Montager and smith took over the co-COO roles while looking for a new CEO to step in. Smith had worked at both Clearwire and Sprint before coming to LightSquared.
Can a new CEO, with extensive experience in several wireless companies, be the saving grace for LightSquared? There seems to be a completely uphill battle awaiting the new leader and the future doesn't look too bright. Sprint has already moved on to greener pastures and they were supposed to be LightSquared top client. What will happen now? I suppose the company will have to get out of bankruptcy protection first before anything definitive can be said. I just want faster and faster speeds and it seems like the FCC won't let that be.read more...