Feb. 17 (Bloomberg) -- Philip Falcone assured investors of his hedge fund that he’s only just begun the fight to build a high-speed wireless network, a plan rejected by U.S. regulators, said a person who was on the billionaire’s call with clients.
The U.S. Federal Communications Commission said Feb. 14 it won’t let LightSquared Inc. begin service because it interferes with GPS navigation of cars, boats and planes. Falcone’s Harbinger Capital Partners hedge fund has invested $3 billion in the wireless venture, which analysts including TMF Associates Inc.’s Tim Farrar say may now have little value.
On the hour-long call today, with dozens of participants, Falcone said he strongly disagreed with the FCC’s decision and vowed to work with the government on a resolution to get LightSquared’s service up and running, according to the person, who declined to identified because the call wasn’t public.
Falcone said Reston, Virginia-based LightSquared is exploring remedies like signal-filtering technology and a possible swap of frequencies for other non-interfering spectrum controlled by the military, according to the person.
There was no question-and-answer session on the call, the person said.
Mike Sitrick, a spokesman for New York-based Harbinger, declined to comment.
--With assistance from Katherine Burton in New York. Editors: Ville Heiskanen, Cecile Daurat
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