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Submitted: February 22, 2012 - 4:34pm
Originally published: February 22, 2012
Last updated: March 3, 2012 - 3:43am
Originally published: February 22, 2012
Last updated: March 3, 2012 - 3:43am
Source:
Bloomberg
Author:
Scott Moritz
Location:
LightSquared, 10802 Parkridge Boulevard, Reston, VA, 20191, United States
Billionaire Philip Falcone’s LightSquared wireless venture is cutting 45 percent of its jobs, or about 149 positions, to preserve cash after its plan to start operating was rejected by the Federal Communications Commission. Most of the affected employees are those hired in preparation for its high-speed wireless network expansion. The company has 330 workers in total. LightSquared said it is seeking to reduce costs while it works to resolve the regulatory objections.
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