As Philip Falcone’s LightSquared Inc. nears a critical deadline, some of the wireless company’s creditors are pressing the hedge-fund manager to step away from the venture on which he has staked his fortune and reputation.
These lenders want Mr. Falcone—the founder of Harbinger Capital Partners LLC, which is LightSquared’s main backer—to bow out as the public face of the firm as a condition for avoiding a looming debt default next week, people familiar with the matter said.
Full Story: Heat Turned Up on Falcone