Falcone regains upper hand in LightSquared bid

Phil F☂alcone is taking what likely is one last shot to save his biggest investment, and his Harbinger hedge fund.

On Christmas Eve, he met the 5 p.꧂m. dead💟line — by four minutes — to present a new restructuring plan to hold onto his bankrupt telecom provider, LightSquared.

Falcone is partnering꧟ with Fortress Investment Group’s Wes Edens, who has committed to ♏inject $1.25 billion in new equity into LightSquared.

That is as ღlong as the FCC approves LightSquared’s application to grant it access to a new spectrum band in exchange for him giving up his right to deploy a band the FCC has blocked him from using.

That FCC decision is still likely more than six montౠhs away, making Falcone’s plan less than certain to fly through the bankruptcy court.

The 11th-hour move by Falcone steals the momentum from Di♑✅sh’s Charlie Ergen — who has presented a competing $2.2 billion offer.

It has been a high-stakes game o🅠f one-upmanship betw🦩een the two billionaires — with Falcone fighting to retain control and Ergen maneuvering to wrest LightSquared from the hedge fund mogul.

Ergen’s billion-d𝔉ollar bid for LightSquared would most likely cut out F🤡alcone’s Harbinger fund entirely.

If Falcone prevails, he may conversely seek to r൩efuse to pay Ergen his $1 billion 🌸in LightSquared’s debt — at least until a lawsuit over the legality of his purchase is resolved.

A Bankru▨ptcy Court decision could come next month.

“I don’t think the plan wi🐈ll get approved,” said an investment banker not directly involved in the situation. “It lacks credibility versus Ergen’s proposal.”

Only two weeks ago, Falcone seemed to have the upper hand with his reorganization plan backed by Centerbridge Partners. But Centerbridge backed out of the deal days later — opening the door ꦺfor Ergen.

Fortress reportedly will be charging LightSquared 12 percent interest on his loan. Melody Partners is also supporting Falc🍬one, agreeing to lend LightSquared at least $285 million as it works for FCC approval.

Meanwhile, Falcone, with his hedge fund mostly tied up in LightSquar🦋ed, is set to cash in on 🥀his separate, listed vehicle, Harbinger Group.

Harbinger, which owns a portfolio of🍌 companies including Spectrum Brands, the maker of Rayovac batteries, and lingerie retailer Frederick’s of Holl⛎ywood, could pay Falcone a $20.75 million bonus for the 2014 fiscal year, according to a Thursday public filing.

Falcone did not return an email for comment.