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"  Yesterday, the wireless firm LightSquared Inc filed for Chapter 11 bankruptcy protection. Included in the deal is a request that Philip Falcone, founder of the hedgefund Harbinger Capital Partners, step aside in his role of chief financial backer.  LightSquared&amp;#039;s goal was to provide an alternative 4G LTE network to those of the major carriers like AT&amp;amp;amp;T and Verizon; it would then lease chunks of the network to smaller cellphone companies. However, in February the FCC received a report that the LightSquared technology, which operated in a part of the spectrum close to that used by GPS, interfered with GPS systems. As a result, the FCC, which had given LightSquared its tentative approval, blocked any further progress on the project.  Lately Lightsquared has undergone leadership shuffling, and Sprint ended its agreement to help construct and lease the 4G network. As a way prevent any further damage, LightSquared voluntarily filed for bankruptcy. The company pledges to keep looking for a solution to the GPS interference problem, but for now, Lightsquared and its dream of a more competitive wireless market are on life support. "^^<http://www.w3.org/2001/XMLSchema#string>
<http://www.popularmechanics.com/technology/gadgets/a11930/lights-out-lightsquared-files-for-bankruptcy-8871386/>