Feb. 24 (Bloomberg) -- Philip Falcone’s LightSquared Inc. asked for more time to respond to a U.S. proposal to withdraw regulatory approval for the planned wireless service that the Obama administration says would disrupt navigation gear.
The Federal Communications Commission is in a “rush to judgment” and should extend to March 30 its March 1 deadline for comments, the Reston, Virginia-based company said in a filing yesterday to the FCC.
The FCC vowed on Feb. 15 to block the proposed high-speed service for as many as 260 million people after U.S. agencies determined LightSquared’s signals would disrupt gear used to guide planes, boats and autos.
The commission proposed vacating preliminary approval granted in January 2011, and suspending indefinitely permission granted in 2004 for the satellite company to use ground-based towers.
Falcone’s Harbinger Capital Partners hedge fund has invested about $3 billion in closely held LightSquared. The company on Feb. 22 said it is cutting 45 percent of its jobs, or about 149 positions, to preserve cash.
--Editors: Steve Walsh, Michael Shepard
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