Will Washington Hang Up on Philip Falcone?

Philip Falcone took his share of knocks playing hockey for Harvard and later as a pro in Sweden. Yet the athlete-turned-hedge fund billionaire has never faced a defensive line like the one standing in the way of his new telecom venture, LightSquared. Critics include the U.S. military, General Motors, FedEx, major U.S. airlines, and some lawmakers.

Falcone wants to exploit airwaves used mainly by satellites to build a $14 billion nationwide mobile network to rival those ofAT&T and Verizon Wireless. LightSquared would act as a wholesaler, allowing partners, including Best Buy, to sell smartphones and laptops under their own brands. The New York financier says LightSquared will revolutionize communications—not to mention further the Obama Administration’s goal of finding more spectrum for data-hungry devices straining the nation’s wireless ecosystem.