So the three valued logic of Łukasiewicz has three truth values {1,i,0}. Łukasiewicz was trying to solve the problem of future contigents with this logic.
His view is that statements about the past and present have an unalterable truth value, so if they are true they are necessarily true, if they are false they are necessarily false.
Future contingents are assigned the value i, those statement are possible. Statement that are true are also of course possible. If we add a modal operator ◇ to the language we can formalize these ideas by the following truth tables.
╔═══╦═══╦
║ A ║◇A ║
╠═══╬═══╬
║ 1 ║ 1 ║
║ i ║ 1 ║
║ 0 ║ 0 ║
╚═══╩═══╩
Now defining ◻A, as ¬◇¬A you get the table
╦═══╦═══╔
║ A ║◻A ║
╠═══╬═══╬
║ 1 ║ 1 ║
║ i ║ 0 ║
║ 0 ║ 0 ║
╚═══╩═══╩
One reason why this is considered a failure is that it has strange consequences for a modal logic. For example in this logic you can show (after the other truth tables and validity have been defined) that
◇A,◇B ⊨ ◇(A & B). That is not intuitively acceptable for a logic of possibility.
See An Introduction to Non-Classical Logic (Priest) chapter 7 from where my answer was taken almost verbatim. It also contains a proof of the claim mentioned by Bumble.