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Falcone Accuses AT&T, Verizon Of Blocking LightSquared Falcone Accuses AT&T, Verizon Of Blocking LightSquared

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Falcone Accuses AT&T, Verizon Of Blocking LightSquared

Hedge-fund manager Phil Falcone claimed Thursday that competing wireless companies were trying to undermine his efforts to launch LightSquared, a nationwide wholesale wireless network.

In a television interview with CNBC, Falcone accused AT&T and Verizon of working with members of the global positioning systems industry to block the new wireless network.

"They are doing a lot of things behind the scenes. They are trying to stamp out innovation," said Falcone, who has invested about $3 billion in the venture.

The plan has faced increasing opposition from GPS manufacturers and users, who fear LightSquared's network would interfere with GPS units. Tests have confirmed that interference would take place and the Federal Communications Commission is now considering whether to approve LightSquared's plan.

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