Sprint (S) Ends Deal With Phil Falcone’s Lightsquared

Sprint Nextel Corporation (NYSE:S) announced today that it would end a deal with the satellite and cellular data company Lightsquared Inc.. Philip Falcone is the founder of the company. The parent of the corporation is Harbringer Capital Partners, Falcone’s hedge fund. Sprint said it would return $65 million in prepayments made to the company. The deal was to have seen Lightsquared’s network compliment Sprint’s own service enabling them to deliver 4G-LTE coverage. The FCC made a ruling last month stifling Lightsquared’s ability to provide its network. That ruling led directly to the termination of what was to have been a 15 year…