Had Owed The UK-Based Satellite Spectrum Owner Over $56 Million

LightSquared has reportedly defaulted on a $56.25 million payment to UK-based Inmarsat, and in keeping in character, has partly blamed the satellite provider and spectrum owner for the move.

Engadget reports that LightSquared had entered into an agreement in 2007 with the satellite spectrum owner, but the recent ruling by the FCC that it could not operate in its existing form without interfering with GPS has brought its plans to deploy a nationwide 4G-LTE broadband network to a screeching halt.

In a statement, LightSquared continues to insist that it will be successful in its efforts. "LightSquared has received a notice of completion from Inmarsat relating to the first phase of the companies' 2007 multi-phase agreement to reallocate spectrum resources," the statement reads. "As part of the first phase, Inmarsat is required to fulfill certain obligations important to the deployment of LightSquared's 4G-LTE integrated terrestrial and satellite network and protection of their respective customers.

"LightSquared has raised several matters that require resolution before the first phase comes to a close. The terms of the agreement allow for additional time to resolve pending questions before phase one is complete and the final payment is due.

"LightSquared is committed to fulfilling its business plan to bring world-class wireless broadband connectivity to millions of Americans and believes that Inmarsat will remain an important partner in the company's future endeavors."

FMI: www.lightsquared.com, www.inmarsat.com