Oh look. LightSquared have figured out how they'll get around the FCC.

[Mike O'Dell]

it was a brilliantly engineered bait-and-switch

Lightsquared bought the assets of a bankrupt company
that that died trying to do a satphone business on
those frequencies. that use was perfectly within 
the original intent.

then, Lightsquared said "Oh dear, we need more coverage
so we'll put 40,000 1.5KW ground cell sites around the country
to fill in". then they decided the sat channels would only
be used for backhaul from remote cell sites.

they expected they could lube-up enough with political payola
that it could slide through the FCC.

while Lightsquared isn't *directly* effected (yet) by the SEC
probe, it sure makes the prospect of raising more money much
more difficult, and they need to raise what is known in the trade
as a "cosmic buttload" of cash. I assume Falcone isn't writing the
only check - not when he can get other marks, er, investors to help out.

	-mo