Philip Falcone’s LightSquared Inc. will send a bankruptcy plan supported by Fortress Investment Group LLC (FIG), JPMorgan Chase & Co. and Melody Capital Advisors LLC to creditors to vote, according to LightSquared lawyer Matthew Barr, Bloomberg News reported yesterday. The standalone plan will compete with two others, one of which calls for selling most of the satellite-broadband provder’s assets to an entity owned by Charlie Ergen, chairman of LightSquared rival Dish Network Corp. Bankruptcy Judge Shelley Chapman yesterday allowed LightSquared to go forward with the new plan after a conference with parties in chambers.
