(I just came across this. It's from April, but still current.)
LightSquared: The wireless industry's biggest gamble is failing
By David Goldman @CNNMoneyTech April 5, 2012: 1:34 PM ET
NEW YORK (CNNMoney) -- The end appears near for LightSquared, one of the wireless industry's grandest and riskiest gambles.
It's odd to think of a company backed by $5 billion as a startup, but that's what LightSquared is. It wanted to become the country's fifth nationwide wireless carrier by going toe-to-toe with giants like Verizon and AT&T - an ambitious vision it had a real shot at pulling off.
Now, after a series of potentially fatal regulatory setbacks, it's mulling bankruptcy. Philip Falcone, head of LightSquared's majority owner Harbinger Capital Partners, told Reuters the company is "seriously considering" the option.