Bankruptcy case battle between billionaires. Two billionaires are fighting for control of a company. They have turned to bankruptcy lawyers to win control. The bankruptcy case of LightSquared Inc. has been going on for two years. Two billionaires are trying to take over the wireless broadband company. Charles Ergen is a creditor in the Chapter 11 bankruptcy case. He is with Dish Network. He reached a deal on a proposed Chapter 11 bankruptcy plan. The deal would give him sixty percent of LightSquared Inc. That would put him in control of the company. Taking it away from current owner and billionaire Philip Falcone. The bankruptcy lawyer for Falcone does not like the proposed deal. In fact, he told the bankruptcy judge the proposal made a mockery of the bankruptcy court process. The bankruptcy lawyer will fight this proposal. LightSquared Inc. is based in Reston, Virginia. It had to go to bankruptcy lawyers for help. The reason was the Federal Communications Commission blocked its service. The Commission stated its service might interfere with global positioning system navigation equipment. Now both billionaires and their bankruptcy attorneys are fighting for the future of the company in bankruptcy court. A confirmation hearing on the proposed plan will be held by the bankruptcy court on December 15th. This is just the latest proposed plan in this bankruptcy case. The previous plans have been rejected. The rich men are bitter rivals. Wireless technology is a vital industry. Whoever wins this battle, will be in a much better position in this fast growing industry. One event threw LightSquared Inc. into bankruptcy. Now its fate lies in the hands of the bankruptcy court. We are used to people in need turning to bankruptcy lawyers. In this case, billionaires are using the bankruptcy process. In their bid to take control of this valuable company. One will become even richer. The other will be disappointed. Their control of this decision is not theirs. With the guidance of experienced bankruptcy attorneys, they hope the bankruptcy court will rule in their favor. Even a billionaire could you use the assistance of a bankruptcy attorney.
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