[ by Melanie Gretchen ] Phil Falcone is considering voluntary bankruptcy among other options to salvage LightSquared, the telecom startup in which his hedge fund Harbinger Capital Partners is the majority owner.  In an interview this week, he said a bankruptcy would allow the company time to find a way to deal with communications interference issues that have arisen with the planned buildout of a nationwide wireless broadband network. Status Update. To date, Harbinger has sunk some 60% of it money into the telecom, drawing concern from investors of the $4 billion hedge fund.  After the FCC revoked the waiver after tests revealed that LightSquared's planned network would interfere with crucial satellite systems, LightSquared's main business partner, Sprint, canceled a deal to help it build out the network.  To date, LightSquared reported a $427 million net loss during the first 9 months of 2011. Bankruptcy. Currently, LightSquared's creditors, which include hedge funds led by Carl Icahn and David Tepper, are considering declare the company to be in default on a $1.6 billion loan, two people familiar with the situation said.  Mr. Falcone said a bankruptcy would not necessarily wipe out the equity holders of LightSquared because the spectrum it owns retains value, he said.  Whichever way he may be leaning, some of the hedge fund creditors have told Falcone he has until the end of the month to strike a deal or they might move to force the company into bankruptcy, the sources said. Maybe Falcone will see the light. For further details, go to [Reuters, 4/4/12].