Is Falcone Legacy Going Down With Lightsquared?

The legacy of one-time high-flying hedge fund manager Phil Falcone may be fading with his highly concentrated and failed investment in Lightsquared, but Falcone is now banking on a lawsuit against the government to bailout his bold and controversial trade. Falcone suing federal government for alleged breach of contract with Lightsquared Falcone’s hedge fund, Harbinger Capital Partners, is suing the federal government for alleged breach of contract with Lightsquared, alleged breach of good faith and for what Harbinger claims is the “unconstitutional” taking of private property without just compensation by the government. Lightsquared apparently doesn’t have the same passion for the…