Falcone Agrees To Step Aside

Apparently, Hedge-fund manager Philip Falcone agreed to step aside eventually as the public face of his LightSquared venture, a concession that may keep the wireless-telecommunications company from defaulting on its debt. Falcone's compromise is expected to prompt LightSquared's lenders to approve a one-week extension on a debt-term violations waiver that expires April 30. If a deal is finalized, Falcone and LightSquared's lenders plan to continue negotiations for a longer extension of somewhere between 18 months and two years.