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.