bankruptcy

Wireless venture LightSquared files for bankruptcy

LightSquared's end is near.

The company filed for bankruptcy today, according to Bloomberg, marking an unglamorous end to its attempt to create an upstart provider of super-fast wireless service.

LightSquared was designed as a neutral wholesale provider of 4G LTE service, injecting additional competition into the industry and giving companies an alternative partner to work with. Despite its network in constant jeopardy, it had lined up an impressive list of partners willing to ride on its network.

LightSquared, in a statement, said the company plans to continue its normal operation through the process, and still plans to build its … Read more

LightSquared's Falcone to step aside from role at company

Hedge fund manager Philip Falcone is expected to eventually step aside as the public face of LightSquared in an effort to keep the foundering wireless broadband effort from defaulting on debt, The Wall Street Journal reports.

The move is expected to prompt the company's lenders to approve a debt extension that would keep the company from having to file for bankruptcy protection, people familiar with the matter told the Journal. The holders of LightSquared's $1.6 billion in debt have given Falcone until 10 a.m. Monday to strike a deal for restructuring Harbinger's 96 percent equity … Read more

Kodak aims to block Apple's renewed patent suit

Kodak has fired back at Apple in their ongoing courtroom battle, with the troubled photography company asking a judge to block Apple from reigniting legal proceedings on patents.

This latest tiff began last month when Apple requested permission from the U.S. Bankruptcy Court in Manhattan to file a patent infringement complaint against Kodak with the International Trade Commission, as well as a lawsuit in the U.S. District Court of Manhattan.

According to The Wall Street Journal, Kodak wants the patent dispute to be resolved as quickly as possible but believes that the renewed litigation should be put in … Read more

Apple's Chinese iPad opponent faces possible liquidation

The Chinese company creating legal headaches for Apple over the iPad name could be close to shutting down.

Computer-monitor maker Proview has been battling Apple over the rights to the iPad trademark at the same time it's been struggling to stay afloat. (A cynic might suggest those two events aren't exactly coincidental.) Now one of Proview's major creditors is trying to sink the company permanently.

Taiwan-based Fubon Insurance is looking to grab $8.68 million in outstanding debt and has filed an application to declare Proview bankrupt and its assets liquidated. And a decision on the matter … Read more

Kodak receives court approval to proceed with bankruptcy filing

Eastman Kodak said today it has received approval to move forward with its Chapter 11 bankruptcy filing.

The agreement grants the company $950 million in debtor-in-possession financing from Citigroup that will allow the company to continue operations as it restructures.

Kodak has struggled to find its footing since the 1990s when digital photography began gaining major consumer momentum. The company, which has been around for more than 130 years, hasn't had a profitable year since 2007. In recent years, the company has turned to licensing its camera technology, or suing companies that haven't agreed to pay up. It'… Read more

The 404 994: Where we need to talk (podcast)

Leaked from 404 Podcast 994:

Apple asks bankruptcy court for OK to sue Kodak for infringement. Leaning back from your PC screen can help you decide when shopping online. Street Fighter vs. Mortal Kombat might actually happen. Call of Duty: Black Ops has the best game ending of all time, Guinness World Records says. Bathroom break video 1: I'll call you right back. Bathroom break video 1: Even dogs cry to Adele.

… Read more

The 404 990: Where we backpack cross-country (podcast)

Can a smartphone sense depression? If that's true, then Jeff's Galaxy Nexus is about to blow up.

On today's show, we'll review a new virtual therapist app out of Northwestern University that tracks a user's location, social context, and activities to determine mood-affecting triggers.

This story and more fun on today's 404 podcast!… Read more

Kodak sues Samsung over patents

In the midst of filing for bankruptcy, Kodak is keeping the patent courts busy with yet another lawsuit.

The company yesterday launched a suit against Samsung, alleging violations of five patents related to digital imaging.

Filed in U.S. District Court for the Western District of New York, the suit (PDF) claims that Samsung infringed on patents connected to such technologies as the ability to send an image from a digital camera, the ability to e-mail images, and the ability to send images over a cellular or Wi-Fi network.

The five specific patents in question are:

U.S. Patent No. … Read more

Kodak files for Chapter 11 bankruptcy protection

Struggling photography company Eastman Kodak announced this evening that it has filed for Chapter 11 bankruptcy protection.

The company, which hopes to emerge from bankruptcy in 2013, said it has secured $950 million in debtor-in-possession financing from Citigroup that will allow it to keep operating during restructuring. The company has also appointed Dominic DiNapoli, a vice chairman at FTI Consulting, as its chief restructuring officer. The firm has been advising Kodak on its finances since last year.

DiNapoli will have broad powers over the company's finances and operations as it looks for ways to raise funding to keep the … Read more