Tuesday, 21 October 2014
Last updated 9 min ago
Dec 17 2010 | 12:42am ET
Harbinger Capital Management founder Philip Falcone seems to be in need of an awful lot of cash these days.
Falcone and his wife, Lisa Maria, took a $22.5 million mortgage on their Upper East Side townhouse in the spring, The Wall Street Journal reports. The couple bought the home—one of the largest in Manhattan, formerly owned by Penthouse founder Bob Guccione—just two years ago for $49 million. In cash.
The mortgage followed a $113 million loan Falcone took from Harbinger's hedge funds last year to cover a tax bill. More recently, the Falcones secured a loan for an unspecified amount, putting up some of their art collection as collateral.
The East 67th Street home, with its 27 rooms, had no mortgage on it before May. The mortgage is of the 30-year adjustable-rate variety, with an initial rate of 2.357%. Citigroup provided the loan.
"This is a normal ordinary course mortgage financing on Mr. Falcone's home that was completed seven months ago and has no relevance to Harbinger Capital Partners' business or its investors," a Falcone spokesman said.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...