By Kevin McCauley
Burson-Marsteller ranks among unsecured creditors listed in the Chapter 11 filing of LightSquared, which envisions a satellite-based wireless communications network. The WPP unit is owed $265K.
Philip Falcone, chief of Harbinger Capital hedge fund which poured more than $4B into LightSquared, says bankruptcy will give the Reston-based company additional time to deal with the regulatory thicket.
The Federal Communications Commission in February pulled support from LightSquared’s plan, setting the stage for Sprint Nextel to opt out.
LightSquared used a battery of lobbying firms to make its case in D.C. The roster of firms to disclose first-quarter lobbying fees from LightSquared include Palmetto Group ($210K), K&L Gates ($110K), Shockley Scofield ($110K), Patton Boggs ($60K), Gephardt Group ($60K), Mehlman Capital ($60K), Nethercutt Consulting ($52.5K), Dickstein Shapiro ($50K), American Continental Group ($40K) and Kirkland & Ellis ($10).
Ballard Spahr and Podesta Group terminated ties during the first-quarter after receiving $50K and $20K, respectively.
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