Philip Falcone and his investment firm Harbinger Capital invested billions of dollars in LightSquared’s plan to build a high-speed wireless network that would have served more than 260 million people, but federal regulators denied it permission to launch earlier this year.
In a statement, Marc Montagner, the company’s chief financial officer, said the filing “is intended to give LightSquared sufficient breathing room to continue working through the regulatory process that will allow us to build our 4G wireless network.”…
Some Republicans have questioned why the FCC allowed LightSquared to get as far as it did in the regulatory process. They have suggested the company may have benefitted from political connections at the FCC and the White House.
Republicans on the House Energy and Commerce Committee have launched an investigation into the FCC’s review of LightSquared.