Friday, 24 April 2015
Last updated 4 hours ago
Apr 9 2012 | 10:20am ET
As Philip Falcone vowed to protect Harbinger Capital Partners’ wireless Internet venture, possibly with a bankruptcy filing, its creditors spoke to consider their next move.
LightSquared debtholders held a conference call last week to discuss the situation at the troubled company after Falcone said he planned to protect it “from creditors who are more interested in a quick flip.”
That statement was a shot at Carl Icahn, who is said to be pushing for a debt-for-equity swap that could see Falcone and Harbinger ousted as the powers behind LightSquared, which earlier this year learned that federal regulators would not approve its plans to deploy its system. Tests have shown that LightSquared’s system interferes with global positioning systems.
LightSquared’s creditors are mulling a declaration of default against the company.
Harbinger has invested some 60% of its assets in LightSquared—which cost the hedge fund 47% last year and almost 30% this year.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…