LightSquared

Philip Falcone’s LightSquared made an outstanding $56.3 million payment to Britain’s Inmarsat related to a spectrum-cooperation accord and was granted an extension on further installments.

CEO ill

Arts and crafts retailer Michaels Stores, which filed for an IPO last month, said CEO John Menzer has been hospitalized due to a medical condition and is stable.

Bank job

Ex-Société Générale trader Jerome Kerviel, who is appealing a three-year prison sentence for his role in France’s biggest-ever rogue trading scandal, is suing his former employer for allegedly obtaining a verdict under false pretenses.

Touch 3G

Amazon.com started shipping the Kindle Touch 3G to customers in 175 countries and territories, ahead of the scheduled release date of April 27.

Citi rejection

The Citigroup capital plan rejected by the Federal Reserve Board in February included the possibility of $8 billion in stock buybacks, wsj.com reported, citing sources.