Lightsquared gets huge pile of money
$265 million to be exact from new and current investors. Lightsquared, of course, is the company trying to build a new wireless service based on a hybrid of terrestrial stations and satellites. Total funding and debt for the project now stands at $2.3 billion. A lot of money, especially when you consider that Lightsquared has run into trouble recently when it was revealed that its proposed signal creates interference with GPS devices. Whoops. Lightsquared says its working on moving to a different part of the broadcast spectrum. Look, this is a lot of money for a company that may never get its network built. The GPS industry, in particular, wants the FCC to shut it down before it even comes up for approval, which it may not get.