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 ...
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.
Moments ago, embattled hedge fund manager Phil Faclone, whose Harbinger Capital seven years ago was more profitable than Federal Reserve Capital Onshore Fund LP, and where every analyst and trader wanted to work, at least until they decided to work for Paulson 3 years later (oops), just settled with the SEC for the plethora of alleged financial wrongdoing that has troubled him in the past four years, and primarily for misuse of client funds such as using client cash to pay his own taxes, in a move that effectively ends his career in not only the hedge fund worlds, but in finance as well.
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.