Monday, 20 October 2014
Last updated 2 days ago
May 30 2014 | 10:08am ET
Harbinger Capital Partners may sue the Federal Communications Commission over the agency’s refusal to approve its wireless Internet plans.
Harbinger founder Philip Falcone met last week with the FCC, whose decision to block deployment of LightSquared’s 4G network due to concerns about interference with global positioning systems led to the company’s bankruptcy filing in 2012. On Wednesday, he sent a letter to the regulator demanding “immediate, positive action” on LightSquared’s request to swap its share of the electromagnetic spectrum for a band that won’t interfere with GPS.
Such a move would “mitigate further damage” to Harbinger, which invested $3 billion in LightSquared. The hedge fund is seeking to retain control of the company in bankruptcy, but its favored plan requires FCC approval of LightSquared’s network.
“These problems were not of Harbinger’s making,” Falcone noted.
The meeting and letter could be a prelude to a lawsuit against the FCC. Indeed, representative of the Justice Department were present at the Friday meeting.
“The only reason they would be there is to defend the federal government in the event of a lawsuit,” telecommunications analyst Tim Farrar told the New York Post.
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 ...