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Gang, something serious happened. One of our favorite hedge fund managers is in trouble and needs help. Phil Falcone has been put in a horrible position, that I hope no one else ever finds him/herself. It’s a pretty well-known fact that the Harbinger founder is a huge hockey fan. The Minnesotan grew up skating, played as an undergrad at Harvard and pro in Europe for a year before being sidelined with a leg injury. He’s owned a forty percent stake in the Minnesota Wild for some time and recently acquired the Dubuque Fighting Saints. Falcone’s love of ice never posed an issue on the work at his hedge fund– until now. And it’s bad. Here’s the rub:
Falcone apparently wants to be the owner of the new Hooters Casino Hotel in Vegas (according to the Post, he bought the casino’s $130 million senior loan, which puts him in a nice position when the place seeks bankruptcy protection). Fine, right? Wrong! The NHL doesn’t allow owners to operate places with sports books, which HCH does.
People close to Falcone say he’s seeking a solution that will allow him to own both entities by dropping Hooters’ sports book. He’s also talking to other investment houses about dumping his position in case he can’t keep the casino, sources said.
He’s probably also soliciting the opinions of colleagues, neighbors friends and strangers re: how the hell do you make a decision like this? How does one choose between your favorite sport and gigantic breasts? Even if you’ve never been in exactly the same situation as Phil, surely you can relate on some level. Help a brother out.