Wednesday, 24 September 2014
Last updated 13 hours ago
Jan 3 2012 | 2:12pm ET
Harbinger Capital Partners' troubled wireless Internet venture has hired a new CFO, one with a mergers and dealmaking background.
LightSquared said that Marc Montagner would replace Michael Montemarano, who left the company in November. Montagner formerly headed strategy, development and distribution at SkyTerra Communications, which Harbinger bought to serve as the foundation for LightSquared.
Montagner was formerly a member of the merger advisory group at Dupont Circle Partners and co-head of the global telecommunications, media and technology merger group at Banc of America Securities. He also formerly led mergers and acquisitions at Sprint Nextel Corp., including the acquisition of Nextel Communications.
The company that deal created gave Montagner's new company a 30-day stay of execution last week. LightSquared's most crucial deal is with Sprint, a $13.5 billion, 15-year pact. The deal, however, required Federal Communications Commission approval by the end of last year, which was not forthcoming. But Sprint gave LightSquared another month to win the FCC's assent.
LightSquared has been buffeted in recent weeks by a leaked government test that shows its network interferes with 75% of GPS receivers and by a Securities and Exchange Commission fraud investigation into Harbinger, which has invested about $3 billion in the company. A recent internal report at LightSquared indicates that company is running out of cash and mentioned Sprint as a necessary source of revenue.
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 McKitich, CIO of Petty 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…
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.