You must give Phil this; that was a courageous move. I wish it had worked for him.

Naturally, the US government will have adopted his company’s technology for itself inside of 10 years…

(Reuters) – Hedge fund manager Philip Falcone’s dream of bringing another wireless network to the United States likely came to an end on Monday, when LightSquared Inc, the ailing telecommunications company he bankrolled, filed for bankruptcy protection.

LightSquared and many affiliates, as widely expected, filed for protection from creditors with the U.S. bankruptcy court in Manhattan. Falcone, once one of the hedge fund industry’s most powerful figures, and LightSquared’s creditors failed to reach an agreement.

Still Falcone, who dramatically overhauled his portfolio in the last two years by putting nearly all assets into LightSquared, is not giving up on his dream of building a network to compete with AT&T, Verizon and others. He put a positive spin on the bankruptcy filing by saying it would give the company much needed breathing room and protect it from creditors who he said are looking for a quick profit.

The future of LightSquared, 96 percent-owned by Falcone’s Harbinger Capital Partners, has been in doubt since February when the U.S. government effectively told the company to stop building its network.

Falcone’s dream rested largely on the U.S. government’s permission for LightSquared to build out the wireless network. When tests showed that LightSquared’s network would interfere with global positioning systems used by the military and various industries, the U.S. Federal Communications Commission said it would revoke permission to build out a new high-speed wireless network.

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