Lightsquared’s Bankruptcy: VZ, T and Icahn Among Big Winners

Phil Falcone's attempt to shake up the cellular data market in the United States has all but failed. His company Lightsquared, which has taken a chunk of the value out of Falcone's Harbinger Capital, filed for Chapter 11 bankruptcy protection yesterday in a move many saw coming. The firm failed to get its creditors to agree to a deal that would give the company more time. The wreckage being colossal it seems there's no turning back for the company.

As in any bankruptcy how ever there are those who will celebrate the demise and those who will...