Layoffs Watch '12: Phil Falcone's Passion Project Forced To Make Difficult Decision

Those affected should take heart knowing it'll all be worth it in the end.

LightSquared Inc., the wireless company backed by hedge fund manager Philip Falcone, said on Tuesday it plans to lay off nearly half of its employees to save money. The Reston, Va.-based company said it will cut 45 percent of its 330-employee workforce and called the planned move a "prudent and necessary cost savings measure to ensure the long-term success of the company." On Monday, LightSquared failed to pay $56 million it owed to a British satellite partner Inmarsat. A week ago the U.S. Federal Communications Commission dealt the company a severe blow when it said it would revoke permission for LightSquared to move ahead with its wireless network, after tests found that it would interfere with Global Positioning Systems used by airliners and the military. As speculation has mounted that the company might soon be forced to file for bankruptcy, Falcone has steadfastly ruled that out.

LightSquared plans to cut 45 percent of workforce [Reuters, related]