The resolution of LightSquared’s Chapter 11 battle will reverberate beyond the two protagonists, Charlie Ergen and Philip Falcone. The question is whether Ergen, LightSquared’s biggest creditor, should be allowed to vote on the company’s reorganization plan. Falcone, LightSquared’s founder, says no. Ergen, he argues, is a competitor who was trying to take over the company. If Falcone wins, experts believe the venerable strategy of buying up debt to gain control of a company will be a lot harder.
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