Recognizing that its plan to cover the nation with powerful Internet transmitters has failed, LightSquared has hired legal counsel, ostensibly to prepare for the possibility of suing those it now sees as the architects of its downfall. Its first target is expected to be the Federal Communications Commission (FCC).
At first blush, perhaps the words chutzpah, kamikaze and Mission Impossible come to mind. But that doesn’t appear to faze Philip Falcone, who owns LightSquared through his Harbinger Investments company. An up-and-coming professional ice hockey player before injuries took him out, Falcone moved on to Harvard Law School, graduated and became an investment banker, a profession where his new legal skill and his acknowledged up-and-at-’em drive brought him a reported $28 billion through daring investments in the sub-prime housing market. And while there is scuttlebutt that he is down to his last billion–excluding the three or four billion he still has sitting in LightSquared, with possibly more elsewhere–he still aims for the top, and he has retained two of Washington’s leading lawyers to lead his case against the FCC.
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