Reston, Va. – Billionaire financier Philip Falcone said he may seek bankruptcy protection for Reston-based LightSquared, his wireless networking company, The Wall Street Journal reported.

Falcone told the paper in an email that bankruptcy is “one of the options I am considering,” calling it the “best way” for him to retain control of the company.

The news comes nearly two months after the Federal Communications Commission  (FCC) rejected LightSquared’s plans for a nationwide mobile broadband network, following a federal report that found its signals would harm GPS signals.

Wireless carrier Sprint then terminated its 15-year deal with the company to build a 4G LTE network utilizing its wireless spectrum.

This article was also published in Potomac Tech Wire.

Related links:

LightSquared – official site

Wall Street Journal – Falcone Considers Bankruptcy for LightSquared

Illustration by Flickr user DonkeyHotey, used under Creative Commons license The source image for the earth is a photo in the public domain from the Image Science and Analysis Laboratory, NASA-Johnson Space Center. “The Gateway to Astronaut Photography of Earth.” The source image for stars in space is a photo in the public domain from NASA/JPL