LightSquared, the 4G LTE wireless company largely bankrolled by hedge fund Harbinger Capital Partners which is run by infamous financier Philip Falcone, lost its final reasonable chance to stay in business. Its bid to deploy its infrastructure, likely to be block by the FCC, has been supported by its only real customer–Sprint-Nextel (NYSE: S) The wireless carrier killed its relationship with LightSquared as it scuttled a 15-year contract and paid an exit fee of $65 million, according to The Wall Street Journal. LightSquared has hired high-powered attorneys to fight the FCC in court, but nearly no one believes that the legal battle will be settled in LightSquared’s favor. And, if it is, the resolution will be years in the future.
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