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Falcone’s Future Hinges on LightSquared as SEC Mulls Lawsuit

A day after being told that U.S. regulators may sue him, billionaire hedge-fund manager Philip Falcone telephoned Sheldon Lowe, a close friend of 23 years, and told him that he would fight back.

Falcone, 49, who rose to fame with bets against U.S. subprime mortgages in 2007, sounded calm and determined, Lowe, a Miami-based real estate developer, said in an interview.