Hedge-fund manager Philip Falcone agreed to step aside eventually as the public face of his LightSquared Inc. venture, a concession that may keep the wireless-telecommunications company from defaulting on its debt.
LightSquared, the troubled wireless communications venture backed by hedge-fund manager Philip Falcone, today filed for protection from creditors under Chapter 11 of the Federal Bankruptcy Code. The filing was made in Federal court in lower Manhattan. The filing was not a big surprise. The New York Times notes that bondholders had given LightSquared a deadline ...
NEW YORK — Billionaire fund manager Philip Falcone agreed to a five-year ban from the financial industry and will admit wrongdoing to settle charges by the U.S. Securities and Exchange Commission that he improperly used money from his hedge fund and unfairly favoured some of his investors, the SEC announced on Monday.
Hedge fund manager Phil Falcone, who runs Harbinger Capital, has reached an agreement with the Securities and Exchange Commission. According to Bloomberg News, Falcone will be barred from the securities industry for at least five years. He will pay a $18 million penalty.
LightSquared., the wireless venture controlled by hedge-fund manager Philip Falcone, wants regulatory approval for a plan it believes will overcome the technical problems that have postponed its launch of a next-generation network and tipped the company into bankruptcy protection.
Hedge fund manager Philip Falcone's dream of bringing another wireless network to the United States likely came to an end on Monday, when LightSquared Inc, the ailing telecommunications company he bankrolled, filed for bankruptcy protection.