Icahn Said to Purchase LightSquared Debt in Bet on Collapse

Billionaire Carl Icahn has purchased debt from Philip Falcone’s LightSquared’s bondholders as the satellite-broadband-service provider struggles to start service. Icahn, along with investors Andrew Beal and David Tepper purchased $300 million in LightSquared debt sold by Farallon Capital Management LLC. last month. The move may give Icahn control of LightSquared’s radio spectrum for less than Falcone originally paid.