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" ... Ergen’s defense, that he bought the debt as a personal investment, is not credible because he paid close to par on many of the purchases, and LightSquared entered bankruptcy just days after SPSO’s first purchase, LightSquared lawyers said. Judge Chapman noted in court on Monday that SPSO paid as much as 96 cents on the dollar for LightSquared debt, even though e-mails Ergen wrote at the time indicate he believed the market value was closer to 70 cents on the dollar. An investment in LightSquared’s LP debt was only a play to be part of a reorganization, the most likely outcome of which would be equitization of the debt in whole or in part, LightSquared claims. ... "