LightSquared creditors unite against Phil Falcone

NEW YORK (Reuters) - The fate of hedge fund manager Philip Falcone's upstart telecom may hang in the balance, but some distressed investors are still wheeling and dealing in LightSquared debt. A financial institution controlled by billionaire investor Andrew Beal is trying to sell $150 million in bank debt that LightSquared has issued to raise money for its proposed nationwide wireless network, say three traders familiar with the situation. Plano, Texas-based Beal Bank began seeking bids this week for the debt, which last traded in the secondary market at around 50 cents on the dollar. ...

(Corrects year of district court ruling in ninth paragraph) NEW YORK, Feb 27 (Reuters) - Argentina will seek on Wednesday to persuade a U.S. appeals court to reverse an order that it pay $1.3 billion to a group of dissident bondholders stemming from the country's 2001 default, a showdown that could have wide impact on global debt markets.

NEW YORK (Reuters) - The clock is ticking for hedge fund manager Philip Falcone to reach a deal by Monday morning with debt holders of LightSquared, the upstart wireless telecom controlled by Falcone's Harbinger Capital, or face a possible bankruptcy.

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.