2nd Circuit Denies Petition by Former LightSquared CEO

Without comment, a 2nd Circuit U.S. Court of Appeals panel denied former LightSquared CEO Sanjiv Ahuja's petition for panel rehearing and rehearing en banc on the company's Chapter 11 reorganization (see 1604070012), said an order (in Pacer) Tuesday. Ahuja's counsel, Bijan Amini of Storch Amini, told us Thursday that he intends to file a petition with the Supreme Court. Ahuja -- a major shareholder in the company now known as Ligado -- challenged the reorganization plan, arguing it wasn't fair because it overpaid some senior creditors with undervalued equity in the reorganized company.