LightSquared Bankruptcy Could Spell Harbinger Head's Ouster

Law360, New York (April 27, 2012, 3:25 PM EDT) -- Harbinger Capital Partners LLC head Philip Falcone is facing pressure from LightSquared Inc. lenders to step down from the wireless network company's board as it seeks an extension on its debt repayment or faces potential bankruptcy, according to news reports Friday.

Falcone announced earlier this month that struggling wireless network startup LightSquared may be facing bankruptcy, but that could be prevented by the extension of a waiver on debt-term violations that otherwise expires on Monday, the Wall Street Journal reported, citing sources familiar with the matter....
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