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LightSquared chief Falcone to step down, buys time for 4G

Electronista - LightSquarted chief Philip Falcone is said to be stepping down from his position in order to buy time for his hedge-fund Harbinger Capital’s ambitious satellite-powered 4G LTE network. The concession could be enough to avert the likelihood that LightSquared will default on its debts, reports The Wall Street Journal. If supported, LightSquared’s lenders will agree to a one extension of its $1.6 billion in loans that expire on Monday morning.

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