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Good morning everyone and -- and the -- hedge fund manager Philip Falcone has agreed to eventually step aside.
As the public face of lightsquared that's according to the Wall Street Journal which -- the concession may keep the wireless Telecom company from defaulting on its debt.
-- whereas lenders have reportedly agreed to extend talks for a week to restructure the company's debt.
Falcone the founder of harbinger capital launched lightsquared to build a wireless network using signals that were previously reserved for use by satellites but.
Earlier this year federal regulators withdrew a waiver that would have allowed the project to move forward because the network could have interfered with GPS signals.
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