Falcone Agrees To Step Aside

Hedge fund manager Philip Falcone's dream of bringing another wireless network to the United States likely came to an end on Monday, when LightSquared Inc, the ailing telecommunications company he bankrolled, filed for bankruptcy protection.

(Reuters) - LightSquared Inc , the startup telecommunications company bankrolled by hedge fund manager Philip Falcone, is expected to file for bankruptcy protection in the next hours, sources familiar with the matter said. Falcone has until Monday at 5 p.m. EDT (2100 GMT) to reach an agreement or face a default on a $1.6 billion loan, sources said. While the parties still have a few hours left to negotiate, the sources suggested that a last minute deal is highly unlikely and that the filing is imminent. A representative for Falcone was not available for comment. ...

NEW YORK (Reuters) - The clock is ticking for hedge fund manager Philip Falcone to reach a deal by Monday morning with debt holders of LightSquared, the upstart wireless telecom controlled by Falcone's Harbinger Capital, or face a possible bankruptcy.

NEW YORK (Reuters) - Hedge fund manager Philip Falcone will face a united front when negotiating with key investors that own bank debt sold by LightSquared, the money-losing wireless telecom company controlled by his fund.