By Brendan Sasso - 01/11/12 04:01 PM EST
The company is beginning to run low on cash, according to numerous media reports. LightSquared must receive regulatory approval for its network by the end of the month or risk losing a $9 billion contract with Sprint.
During the meeting, the LightSquared representatives said recent technical modifications have reduced the interference problem and that the company is prepared to launch its network at reduced power levels. They also discussed "alternative technical solutions" to allow them to move forward, according to the disclosure form.
LightSquared says the interference problem is a result of improperly designed GPS devices receiving signals from outside their designated frequency bands. The GPS industry argues that LightSquared is using powerful cell towers on frequencies that should only be used by satellites.
Some Republican lawmakers have questioned why the FCC allowed LightSquared to get as far as it has in the regulatory process and have suggested the company has benefited from political connections.
In September, Rep. Michele Bachmann (R-Minn.) accused President Obama of "crony capitalism" for allegedly giving favor to his political supporters, pointing to Falcone.
Falcone, who has donated thousands of dollars to both Democrats and Republicans in recent years, says he is a registered Republican and has denied any attempts to influence the process through political connections.
Sen. Chuck Grassley (R-Iowa) has pledged to block Obama's two nominees to fill FCC vacancies until the agency releases internal documents related to its review of the wireless company.