LightSquared Inc. almost tripled spending on U.S. lobbying as the telecommunications company backed by billionaire Philip Falcone fought to keep regulators from killing its planned nationwide wireless network.
Philip Falcone’s LightSquared Inc. wireless service would have “ruinous effects” on aviation because of signal interference and its plan for a nationwide data network should be withdrawn, an airline trade group said.
Philip Falcone’s LightSquared Inc. called for more tests of its proposed wireless service after U.S. officials said interference with the global-positioning system precludes quick approval of the venture.
Billionaire Carl Icahn has purchased debt from Philip Falcone’s LightSquared Inc.’s bondholders as the satellite-broadband-service provider struggles to start service, two people familiar with the transaction said.
Sprint Nextel Corp. plans to end a network-sharing agreement with billionaire Philip Falcone’s LightSquared Inc. wireless venture as early as next week, according to two people familiar with the matter.
Philip Falcone’s LightSquared wireless venture offered to forgo an increase in power affecting global-positioning devices on the ground, saying the move shows the company is addressing interference concerns.
Philip Falcone’s LightSquared should be barred from using some airwaves for its planned nationwide wireless network to avoid interference with navigation gear, makers and users of global-positioning system devices said.
Senator Charles Grassley wrongly suggested that Philip Falcone and an adviser sought to weaken the lawmaker’s inquiry into U.S. handling of the billionaire’s LightSquared Inc. wireless venture, Falcone’s hedge fund said.