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Falcone Waits for Icahn Doubling Down on Network

Phil Falcone waited at the bar of the Post House in New York with two colleagues and a $199 bottle of Tignanello. His guest, Carl Icahn, was late.

Falcone, the hedge-fund manager who has invested $3 billion in wireless broadband startup LightSquared Inc., said he hoped the vulture investor, who made billions seizing control of companies, might become a partner, according to a person at the restaurant that night in March.