This really stinks,,, Glad they got uncovered before it could do damage to aviation.
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LightSquared Is Doomed

Its struggle against the federal government to gain acceptance of its high-speed internet product is nearly over. LightSquared, the ambitious national wireless provider, is doomed.

LightSquared is supported by $3 billion from Harbinger Capital Partners hedge fund. That fund now has only $5.7 billion, compared with $26 billion in 2008. And the SEC is examining Philip Falcone, the founder of the fund, for securities charges. His future is more in doubt than that of LightSquared.

Read more: LightSquared Is Doomed - 24/7 Wall St. http://247wallst.com/2011/12/15/ligh...#ixzz1gcHcE0mw


Submitted by Peter Flaherty on Sat, 12/10/2011 - 12:45
Billionaire Phil Falcone, whose cozy relationship with the Obama Administration was first exposed by NLPC, may face civil fraud charges by the Securities and Exchange Commission (SEC). According to a filing yesterday by Harbinger Group Inc., Falcone and two other directors have received "Wells Notices," meaning that they are under investigation.

Falcone is the Chairman, CEO and primary investor in Harbinger Group Inc., a hedge fund. Reportedly, other Harbinger investors include Soros Fund Management. Harbinger owns LightSquared, which has received an unusual waiver from the Federal Communications Commission (FCC) to deploy a national 4G wireless network