The company listed $4

The company listed $4.48 billion worth of assets and $2.29 billion in debt in its bankruptcy filing submitted to the court on Monday afternoon. The bankruptcy document reveals that LightSquared chose, partly, to file for Chapter 11 out of concern that the lenders wanted to pilfer its cash. When negotiations with the lenders failed to reach an agreement, "The debtors were in this way faced with no option however to commence these Chapter 11 cases as the debtors believed the prepetition lenders would attempt to exercise remedies and sweep the very cash necessary to conduct LightSquared's business and provide LightSquared with the requisite time to address FCC concerns," according to the filing.

The document as well reveals that Sprint has refunded LightSquared a total of $67.3 million out of $310 million in advance payments LightSquared made for a shared network that never came to be. The most recent payment, a $2.3 million installation, was received on May 4. The majority of that money — in broad outline $236 million — went to work already undertaken by Sprint and can't be reclaimed. A preliminary bankruptcy hearing, to be presided over by Judge Shelley Chapman, has been scheduled for 3 p.m. this afternoon.

IS IT ‘VALUATION THEATER?’ -- Steve Blank, who teaches entrepreneurship at Stanford, Columbia and University of California, Berkeley, said that all the speculation around Facebook's share price is "valuation theater." "We're now in fantasyland," he said. Facebook's revenue numbers for past quarters are fixed, nevertheless investors will come up with a justification for why the share price should be trading at a higher or lower price, and that's not easy to figure out. "One of the problems with Facebook is that once you reach everyone except a fraction of the planet, how can you get more value out of each user earlier the at once Facebook does it? And there's always a new Facebook."

When asked by an audience member about his thoughts on the expansion of the DIB pilot, Cartwright noted that "there were a lot of administrative shortfalls that didn’t allow it to be as useful as it could be." Nevertheless, he noted that the program would be a definite benefit to companies and some of the kinks were ironed out from the first iteration. Businesses that want to participate in the program need to consider that it would be "useful and has a return on investment that’s measurable," he said.

The talk of the Public Safety Broadband Summit

PLENTY OF PUB SAFETY DEADLINES AHEAD – The talk of the Public Safety Broadband Summit and Expo is the quick ramp-up in work at a number of federal agencies tasked with bringing a nationwide network into fruition. DHS’s Chris Essid said the agency is working hard on developing recommendations on how best to handle cyber risk issues, with a report coming shortly. The FCC’s Jennifer Manner, in the meantime, pointed out the agency’s work to set up an interoperability board — which, she noted, must deliver at once week a report that the FCC must revise and send to FirstNet. And the then step for NTIA: a request for information on a key grant program connected to build out, which should make the Federal Register later this week.