Carl Icahn has scooped up a large portion of LightSquared debt, totaling $300 million worth of the company's $1.6 billion in loans. The move is a strategic one that could give Icahn a say in the company's future, should its bid to run a Long Term Evolution 4G network on the L-band satellite spectrum fails. LightSquared is being funded by Philip Falcone's Harbinger Capital, which is currently under SEC investigation. LightSquared has the cash to operate for a few more quarters while it continues to petition the Federal Communications Commission for permission to run its network. Some believe LightSquared will run out of cash before it garners FCC approval. Icahn has a long history of activist investing, notably with Motorola.
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