Monday, 20 October 2014
Last updated 2 hours ago
Jan 6 2012 | 9:10am ET
Just days after winning a critical extension from its most important partner and customer, Harbinger Capital Management's wireless Internet venture has won a further reprieve from Sprint Nextel Corp.
Sprint CEO Dan Hesse said yesterday that his company and LightSquared have agreed to put their $13.5 billion deal on hold until the latter wins the needed regulatory approvals. LightSquared needs the Federal Communications Commission to sign off on its plans before it can deploy its network, which Sprint was to build, but has run into stiff opposition from global positioning system users and manufacturers, who warn that LightSquared could interfere with such devices.
Hesse said that he still hoped that LightSquared, into which Harbinger founder Philip Falcone has poured the majority of his hedge fund's assets, would win the necessary approvals.
"The companies have agreed to realigning our deployment timeline to coincide with potential FCC actions," a Sprint spokesman said. "Both companies believe it is prudent to pull back on expenses."
A recent internal report indicates that LightSquared is running out of money. The company has already paid Sprint $290 million.
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 ...