LightSquared and its affiliates filed for bankruptcy Monday after hedge fund manager Philip Falcone and creditors failed to reach an agreement. The company, which Falcone hoped would become a national wireless network to compete with AT&T and Verizon, is 96 percent-owned by Falcone’s Harbinger Capital Partners and the famed investor was said to have sank most of his assets into the company. The U.S. government had essentially ordered Lightsquared to stop building its wireless network, as tests have shown that the proposed network would interfere with global positioning systems used by the military and other industries.
