This is the deal the ingrates known as Harbinger investors have pooh-poohed, with irrelevant arguments like the fact that they “thought they were putting money into a hedge fund that traded securities that were easy to buy and sell” and then Falcone goes and pulls something like this. Well he’ll show you. He’ll show all of you!

Philip Falcone’s LightSquared Inc. venture is close to securing a $585 million loan to build its wireless network, as it negotiates a wholesale deal with a nationwide carrier, said two people familiar with the plans. An official announcement of the loan could come as early as today, said the people, who wouldn’t be identified because the deal isn’t public. The loan, from UBS AG and JPMorgan Chase & Co., will bring LightSquared’s cash on hand to about $1 billion, said one of the people. The company has said it currently has roughly $1.75 billion in debt and equity…LightSquared is seeking to compete with AT&T Inc., Verizon Wireless and Clearwire Corp. in selling 4G capacity.

[Bloomberg]

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Comments (17)

  1. Posted by Wilbur | February 18, 2011 at 6:40 PM

    They better bump that loan up to $625M just in case Phil has any outstanding taxes due…..

  2. Posted by Phil_Falcone | February 18, 2011 at 7:08 PM

    So, funny but true story. I came one one night, and told Lisa-Marie I was going to invest some BIG money in wireless. She looks at me, and in half Spanish an half English says, “Your’e loco Phil, what do you know about women’s bras?” I loved her even more after that.

  3. Posted by Lisa_Falcone | February 18, 2011 at 7:14 PM

    So Phil is doing this wireless thing, right, and I think it will be really great for use in the studio of my label because air is, like, so much lighter than the density of the wire, so the recording sound will be, like, soooo much better.
    ~Lisa

  4. Posted by Wilbur | February 18, 2011 at 7:21 PM

    My portfolio is all wireless while my face is all plastic.

    ~ Lisa

  5. Posted by Wilbur | February 18, 2011 at 7:21 PM

    My portfolio is all wireless while my face is all plastic.

    ~ Lisa

  6. Posted by Wilbur | February 18, 2011 at 7:21 PM

    My portfolio is all wireless while my face is all plastic.

    ~ Lisa

  7. Posted by Anonymous | February 18, 2011 at 7:38 PM

    Those garbage bags never get old.

  8. Posted by Al Bundy, Sales Professional | February 18, 2011 at 8:29 PM

    She’ll have to be in management. You can’t climb a pole with nine toes after a certain age.

    (But she knows this)

  9. Posted by Ray Finkle | February 18, 2011 at 8:36 PM

    F+

  10. Posted by Ray Finkle | February 18, 2011 at 8:38 PM

    My desk moved :.tuckingbonerunderSmathers&Bransonbelt.

  11. Posted by MsGoGetter | February 18, 2011 at 8:46 PM

    Ann Margaret and Huggy Bear’s love child

  12. Posted by Not_a_fan_of_lisa | February 18, 2011 at 10:39 PM

    She is priceless. Highest bid get’s the garbage bags.

  13. Posted by czxqa | February 20, 2011 at 1:02 AM

    I’d still put her ankles by my ears

  14. Posted by Bernard Baruch | February 24, 2011 at 5:20 AM

    But that will not stop your penis from falling off in the morning.

  15. Posted by cash advance | March 21, 2011 at 12:45 PM

    Well, it’s better not to invest money in something you are absolutely ignorent about as it is a great risk. In fact, any investing or borrowing now is a kind of risk as we live in really tough financial times and monetary issues are really risky. In fact, the story is rather funny, I would say.

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