LightSquared Reaches Termination Deal With Ex-CEO

Law360, New York (July 9, 2012, 8:23 PM EDT) -- Bankrupt telecom company LightSquared Inc. reached an agreement Monday with its former CEO finalizing the terms of his termination and giving him an allowed $750,000 unsecured, nonpriority claim and a common equity interest of 8.8 million shares of the company's common stock.

Under the settlement agreement, LightSquared and ex-CEO Sanjiv Ahuja have agreed that his employment will end and he'll resign from the board of directors of each LightSquared entity. In addition to the claim and equity interest he'll be allowed, Ahuja would be indemnified “to...
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