Bankruptcy Judge Shelley C. Chapman on Monday sided with LightSquared in a hard-fought battle with its biggest lenders over their right to trade debt in the troubled high-speed wireless network venture, the Wall Street Journal reported today. Judge Chapman overruled the lenders' objections to grant LightSquared's request to restrict the trading of its debt and stock during its chapter 11 proceeding, which the company said would help it preserve more than $1.5 billion in tax breaks. "The procedures approved in this order are necessary and proper to preserve the availability of the tax attributes following the debtors' (or their successors') emergence, and are therefore in the best interests of the debtors, their estates and their creditors," the judge's order said.
