Carl Icahn Is Angling For A Piece Of Phil Falcone's Walkie Talkie Passion Project
Investor Carl Icahn has been buying up debt of LightSquared Inc., the wireless network backed by billionaire fund manager Philip Falcone, according to people familiar with the matter. The stake could enable him to take control of the company should it restructure or file for bankruptcy, one of the people said. Mr. Icahn snapped up LightSquared loans, which are traded on the market like securities, after prices of the debt nosedived last year. Two other distressed-debt investors, David Tepper and Andrew Beal, also bought some of the loans. [WSJ]