Spotlight: LightSquared tries to rise from the dead

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Billionaire investor Philip Falcone has hired two prominent lawyers in an attempt to bring LightSquared back from its Federal Communications Commission-mandated oblivion. LightSquared has received massive opposition for its proposed LTE data service that would effectively eliminate GPS use in the United States because of a series of 40,000 high-powered transmitters located on frequencies adjacent to GPS. Because GPS receivers are designed to receive extremely weak signals from space, strong signals from adjacent frequencies will prevent them from working. As a result, the FCC withdrew its approval for operations. Now, with new lawyers, Falcone wants to try again. Here's Bloomberg's report on that effort.