New York billionaire Philip Falcone’s wireless communications start-up, LightSquared, is going through some difficult times.

After receiving a conditional waiver from the FCC and investing billions of dollars into a nationwide 4G wireless network, the project is being postponed indefinitely. The FCC claims the network may interfere with crucial GPS systems and has since retracted LightSquared’s waiver.

The company may be facing bankruptcy unless a deal to appease its creditors is reached. One of the conditions of such a deal includes Philip Falcone stepping down as the company’s public figurehead. Mr. Falcone, a registered Republican, is accused of receiving preferential treatment from the Obama administration.

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