Hedge fund titan Phil Falcone is one of the biggest funders of LightSquared, a telecom company that wants to implement a nationwide satellite phone network.
Falcone, the founder of Harbinger Capital Parnters, has a lot invested in LightSquared with a significant portion of his hedge fund's portfolio riding on it.
Falcone's hedge fund has already lost investors who don't believe in his 4G wireless dream.
LightSquared, a Virginia-based start-up, has received support from the Obama administration for its nationwide broadband initiative.
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