Wednesday, 17 September 2014
Last updated 39 min ago
Jan 11 2013 | 12:03pm ET
Harbinger Capital Partners and founder Philip Falcone won a small victory this week as they try to block creditors of Harbinger's largest investment from suing them.
Those lenders, including Mast Capital Partners and Fortress Investment Group, sought permission to sue Harbinger, Falcone and U.S. Bank in September and pressed their case on Wednesday. But U.S. Bankruptcy Court Judge Shelley Chapman said that she would not rule until after the end of this month, when LightSquared, the Harbinger-owned wireless Internet company, will seek to maintain exclusive control of its bankruptcy process.
The LightSquared creditors have asked for the right to sue Harbinger, Falcone and U.S. Bank on behalf of LightSquared, which they say will "not sue their controlling insider." In particular, the creditors have taken issue with a $263.8 million loan Harbinger made to LightSquared, which they say was really an equity infusion.
Harbinger and U.S. Bank say that the lenders have no standing to sue them as "creditors of a creditor."
"There are a lot of complicated issues," Chapman said, without indicating which way, if any, she was leaning.
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…
The Federal Reserve keeps baby-stepping toward a “normalization” of monetary policy. But just what is normal?