Globalstar Plunges as Winning Approval of FCC Proposal Looks Unlikely

Shares of Globalstar (GSAT) - Get Report are plunging Friday as it looks less likely that it will win FCC approval for a different use of its airwaves.  Globalstar wants the FCC to approve heavier use of its airwaves, allowing it to offer mobile  broadband services on frequencies reserved for satellite signals.  Sources tell Bloomberg that two members of the five person agency have voted against the proposal from FCC Chairman Tom Wheeler. Globalstar says such a service could expand Wi-Fi capacity by a third.  At midday Friday, the shares are down 50 percent.