Briefs

LIGHTSQUARED: FEW OPTIONS AFTER AN FCC DENIAL

U.S. regulators have rejected an effort by billionaire Philip Falcone to build a national wireless network, leaving the hedge fund investor few options to salvage his LightSquared venture. The decision also deals a blow to U.S. efforts to increase industry competition. The FCC said on Feb. 14 that it won’t let LightSquared, which aims to let people browse the Web at higher speeds, begin service. The move came after an Obama administration adviser said there was no way to prevent LightSquared’s network from disrupting the navigation gear used by planes, boats, and cars. Falcone’s hedge fund, Harbinger Capital Partners, has invested about $3 billion in the company.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.