Falcone, Other Harbinger Reps. Quit LightSquared Board

Jun 19 2014 | 12:37pm ET

Harbinger Capital Partners founder Philip Falcone has resigned from the board of directors at the bankrupt wireless Internet venture owned by his hedge fund, indicating that a deal with creditors may be in the offing.

Falcone and four other Harbinger representatives voluntarily left LightSquared’s board on June 12, the company told the Federal Communications Commission. Falcone had previously resisted efforts to force him from the board of a company in which he had invested nearly $3 billion in client assets.

LightSquared has been burning cash since a federal bankruptcy judge rejected its proposed bankruptcy exit plan, backed by Fortress Investment Group. The judge said that the proposal was unfair to LightSquared’s largest creditor, Dish Network founder Charles Ergen, who she said had acted improperly buying up the company’s debt in contravention of covenants barring competitors from its capital structure.


In Depth

PAAMCO: Will Inflation Deflate the Asset Bubble?

Jan 30 2018 | 9:49pm ET

As the U.S. shifts from monetary stimulus to fiscal stimulus, market pricing should...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Boost Hedge Fund Marketing ROI By Raising Your ROO

Feb 14 2018 | 9:57pm ET

Tasked with delivering returns on client capital, a common dilemma for many alternative...

 

FINalternatives Trending

From the current issue of