LightSquared Blow Gives Falcone Few Options to Salvage Value
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Billionaire Philip Falcone’s effort to build a national wireless network was rejected by U.S. regulators, leaving him limited options to salvage value from his LightSquared Inc. assets and dealing a blow to efforts to increase industry competition.
The Federal Communications Commission said yesterday it won’t let LightSquared begin service after an Obama administration adviser found that it disrupts navigation gear used by planes, boats and autos. Closely held LightSquared invested $4 billion in airwaves crucial to its plan to offer service that lets users browse the Web at higher speeds.