Tuesday, 26 July 2016
Last updated 8 min ago
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.