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Wireless Internet provider LightSquared has filed for Chapter 11 protection. LightSquared, the ambitious 4G wireless venture recently poised to bring lightning-fast Internet to the masses, filed for Chapter 11 bankruptcy protection earlier today. Government tests found that LightSquared's signals interfered with GPS reception, a setback LightSquared was never able to recover from.

Billionaire hedge fund manager Philip Falcone's hopes to build a state-of-the-art open wireless broadband network are put on hold because his signal jams GPS devices.