Wednesday, 29 July 2015
Last updated 17 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.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…