LightSquared Lenders Object To $6M Incentive Plan

Law360, New York (September 6, 2012, 2:46 PM EDT) -- A group of LightSquared LP's lenders objected Thursday to parent LightSquared Inc. and its affiliates' bid to implement a $6 million employee incentive plan, saying controlling equity owners Philip Falcone and his Harbinger Capital Partners LLC are improperly promoting the interests of equity.

The ad hoc secured group of LP lenders asked U.S. Bankruptcy Judge Shelley C. Chapman to deny LightSquared's motion for an order approving the key employee incentive plan, which was filed Aug. 29.

“The debtors' proposed bonus plan merely underscores the broader dynamic...
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