Lenders to hedge-fund manager Philip Falcone's LightSquared Inc. yesterday questioned the selection of an independent LightSquared director to help oversee a sale of the wireless telecommunications firm, Dow Jones Daily Bankruptcy Review reported today. The lenders in bankruptcy court papers claim that the director, Donna Alderman, isn't independent because she previously sparred with Dish Network Corp., the company currently offering $2.22 billion for LightSquared. A bankruptcy judge is set to hold a hearing today to review rules governing LightSquared's expected auction later this year.
