LightSquared Files for Bankruptcy

As y'all know, I've covered the LightSquared story extensively here. Today, I have some good news: LightSquared has filed for bankruptcy in what is hopefully the death throes of this company and the crony socialism it represented.

LightSquared, based in Reston, Virginia, listed assets of $4.48 billion and debt of $2.29 billion as of Feb. 29 in a Chapter 11 filing yesterday in U.S. Bankruptcy Court in Manhattan. The filing followed intense negotiations with creditors, who had requested that the company’s backer, Philip Falcone, step aside. Falcone and the current management team will remain with the company, Terry Neal, a LightSquared spokesman, said yesterday.

Good riddance. And suck it, George Soros.