Tuesday, 23 September 2014
Last updated 13 hours ago
Apr 15 2014 | 12:21pm ET
Harbinger Capital Partners' wireless internet venture continued to insist it had no obligation to negotiate with its largest creditor, since, it says, he had no business being a creditor at all.
LightSquared, seeking approval of a $2.65 billion bankruptcy exit plan, wants to pay most creditors in cash. But Dish Network founder Charles Ergen would get only third-lien notes payable over seven years, treatment he argues is unfar.
LightSquared and Harbinger founder Philip Falcone have shot back that Ergen illegally bought the nearly $1 billion in debt, in contravention of covenants barring competitors from owning it. Backed by Ergen, Dish had sought to buy LightSquared out of bankruptcy, a bid it later dropped.
"There is simply no doubt that [Ergen] is receiving the indubitable equivalent of its claim," LightSquared wrote in a court filing. Ergen's response is expected later this month.
LightSquared has said its reorganization plan, backed by Fortress Investment Group, will fail if Ergen's claims are not disallowed. Last week, it won the right to borrow another $74 million from its lenders—including a hedge fund controlled by Ergen—to stave off collapse as it waits for approval of its plans.
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.