LightSquared’s bankruptcy is a cautionary tale

After more than a year of active testing and debate over LightSquared’s plan for a nationwide, wholesale 4G network, the now bankrupt company may end up as no more than a cautionary tale for mobile investors.

Industry observers say there are three things that might bring some value to LightSquared’s main asset, a chunk of disputed radio spectrum: The company could swap the spectrum for another block, sell it to another carrier, or win a lawsuit against the U.S. Federal Communications Commission. But all three are unlikely, they said.