Philip Falcone, the money manager who has staked his hedge fund on wireless network start-up LightSquared Inc., has hired lawyers to map out a strategy to overcome a regulator's decision blocking the network's launch, according to the Wall St Journal.
Hedge funds that own some of LightSquared's $1.6 billion of loans have also sought advice on possible litigation.
The lawyers are investigating the merits of a potential suit against the Federal Communications Commission, which this week rejected LightSquared's plan for a broadband network, and the Global Positioning System industry. GPS companies and Defense Department officials have argued that LightSquared's signal could interfere with their networks...
Read more at http://online.wsj.com/article/SB10001424052970204059804577227570229889522.html?mod=WSJ_hp_LEFTWhatsNewsCollection
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