As expected, May 14th is indeed a dark day for LightSquared. The company has just filed court paperwork in order to initiate Chapter 11 bankruptcy proceedings, effectively killing its dream of providing a high-speed mobile wireless network to upwards of 260 million people. Not quite a year after Sprint and LightSquared put together an agreement that would ensure 15 years of blissful LTE enjoyment together, Philip Falcone's baby looks weaker than ever. With the Sprint tie-up now voided, and over $1.6 b
