Supreme Court Denies Petition by Former LightSquared CEO

The Supreme Court declined to hear a challenge by former LightSquared CEO Sanjiv Ahuja of terms of the company's Chapter 11 bankruptcy reorganization, denying his petition Monday (see here) and as expected (see 1610120025). The 2nd U.S. Circuit Court of Appeals in May also denied his petition for rehearing (see 1605120001). Ahuja protested shares in reorganized LightSquared that went to hedge fund Harbinger Capital, a majority shareholder in pre-bankruptcy LightSquared, in exchange for the company's receiving Harbinger's rights in an array of lawsuits. Bijan Amini of Storch Amini, counsel for Ahuja, said his client was disappointed. LightSquared now is Ligado.