Philip Falcone's flagship fund, Harbinger Capital Partners Fund II, lost 29.6 percent in February largely because of ailing telecommunications company LightSquared Inc.

The heavy losses in the portfolio coincided with news that the U.S. government planned to revoke its provisional approval to LightSquared to build out its network after tests showed that the network would interfere with the global positioning systems used by the military and commercial airliners among others.

February's poor performance numbers follow similarly bad numbers for 2011 when the fund lost 47 percent because the LightSquared investment had to be revalued.

On an investor call in mid-February Falcone told investors that he remained committed to the project.