Falcone Takes Aim At Media, Leakers

Oct 1 2010 | 3:34am ET

A defensive Philip Falcone blasted the news media in a conference call with investors this week—and made a point of noting his unhappiness with some of those investors, as well.

The Harbinger Capital Partners head criticized the coverage of his $9 billion hedge fund’s investment in LightSquared, a high-speed Internet company. New York-based Harbinger has committed some one-third of its capital to the 4G network, leading to reports that some investors are unhappy with what has been characterized as a risky bet, especially given Harbinger’s poor performance this year.

“He started off by talking about the press, saying they don’t have the facts straight,” one person who heard the call told Reuters. And he also asked investors to stop doing things like talking to Reuters.

“He was upset with investors for leaking info,” the same source said, noting that Falcone sounded defensive.

Falcone himself told Reuters that he plans to have another call with investors within a few weeks to talk about the LightSquared investment.

“The good news,” he told Reuters in an e-mail, “we actually are making money this month.” Harbinger’s flagship is down some 13% this year.

“Yes, we are turning it around,” he said.


In Depth

Debunking Conventional Investment Wisdom

Feb 8 2017 | 3:22pm ET

Due diligence in the hedge fund world has long involved some combination of the...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

iCapital Network: The Trump Effect On Direct Lending

Feb 23 2017 | 4:21pm ET

The arrival of the Trump Administration has raised questions among private debt...

 

From the current issue of