The judge overseeing LightSquared’s contentious bankruptcy called an emergency hearing in the case on Tuesday — thanks to The Post.
Manhattan federal bankruptcy Judge Shelley Chapman told lawyers in LightSquared’s bankruptcy that she doesn’t like learning about developments in her cases “in the New York Post or the Wall Street Journal,” according to reporter John Bringardner, who attended the last-minute hearing.
Chapman was referring to The Post’s story last week that hedgie Phil Falcone is demanding the Federal Communications Commission take “immediate” action to stem the red ink flowing from the high-speed wireless startup, which he owns through his hedge fund Harbinger Capital.
“I’m looking for guidance on how to proceed,” the judge said before closing the session to outsiders at the request of LightSquared, said Bringardner of Debtwire.
Falcone is seeking compensation from Uncle Sam for revoking its approval for LightSquared’s spectrum after Harbinger had already funneled billions into the company.