Falcone Weighing Bankruptcy for LightSquared
Philip Falcone, manager of the hedge fund that finances LightSquared, said he is considering filing for bankruptcy protection for the troubled broadband provider. LightSquared sought to use L-Band spectrum to provide a terrestrial LTE 4G mobile broadband network. The Federal Communications Commission blocked LightSquared's plans based on fears of interference with GPS systems. Since then, LightSquared has missed making several payments to Inmarsat and Sprint voided the company's planned network sharing agreement. Falcone said bankruptcy is not what he wants, and he still wants to make LightSquared work, but it may be his only option moving forward.