Lenders Say LightSquared Is Too Conflicted To Run Auction

Law360, New York (August 29, 2013, 4:49 PM ET) -- A financial adviser to lenders of LightSquared Inc. on Thursday said the bankrupt wireless startup should not be permitted to run its own auction, saying the Philip Falcone-controlled company is conflicted because of Falcone’s desire to keep the company under his control.

Steven Zelin, a senior managing director of Blackstone Advisory Partners LP, offered his statement shortly after the ad hoc group of lenders asked the court for permission to conduct a bankruptcy auction for a LightSquared subsidiary’s assets in December. The LightSquared LP lenders have...
To view the full article, take a free trial now.
Try Law360 for free for seven days
Already a subscriber? Click here to login

Already have access?

  1. Forgot your password?
  2. Sign In

Get instant access to the one-stop news source for business lawyers