The FCC filing last week in LightSquared’s bankruptcy...

The FCC filing last week in LightSquared’s bankruptcy proceeding likely wasn’t intended to shut the door on the company, said a Medley Global Advisors analyst. The commission said it’s not in a position to confirm whether it can complete the work required to approve LightSquared’s preferred bankruptcy exit plan by Dec. 31 (CD Jan 22 p6). “More likely, the FCC indicated it was keeping the door open (even if narrowly) without predicting which way it might swing in the future,” said analyst Jeff Silva in a research note. The statement, taken in isolation, was arguably not the ideal message LightSquared and its $4 billion reorganization backers wanted in front of the bankruptcy judge so late in the game, he said. “But neither was it necessarily lethal for LightSquared.” That the FCC, NTIA and other agencies in the Obama administration have chosen to remain engaged on the company “suggests some level of political will exists to contemplate reinstatement of LightSquared’s license” and ancillary terrestrial component waiver, he said.