Falcone To Face Battle With Icahn Over Lightsquared

A report out of Bloomberg today elucidates the position of Phil Falcone's Lightquared and describes the position of Carl Icahn in the company's future. Icahn is a large holder of debt in Lightquared.

He along with  other investors own $300 million of the company's debt, bought last December. The conflict could lead to a fight for control of the company as it slides further into disrepair.

Lightsquared has faced mounting troubles in recent months as the company has seen its spectrum devalued after the FCC issued an order that disallowed their using it. The frequencies owned...