Who Wants To Invest In Phil Falcone’s New Company?

By

Harbinger Global Corp is coming to an exchange near you.

Phil Falcone, the embattled billionaire hedge fund manager, has put together an unorthodox IPO that will see his hedge fund firm contribute assets valued at $350 million to a blank check company that will trade publicly. In the deal, a special purpose acquisition company that is expected to trade on Nasdaq and be known as Harbinger Global Corp., will acquire a majority interest in an MGM-branded hotel and casino development in Vietnam and a minority interest in an iron ore producer working in Brazil. Funds run by Falcone’s Harbinger Capital Management that are contributing the assets will get an ownership stake that could be as high as 96% in Harbinger Global and Falcone is slated to become executive chairman of the company. Falcone’s move to become closely involved in a publicly-traded company is audacious given that he is currently facing securities fraud charges from the Securities & Exchange Commission.

Yeah, well, people also thought it was audacious for him to invite a burlesque dancing pig he barely knew to come and live with him and she turned out to be the best thing that ever happened to him, so.

Amid SEC Charges, Hedge Fund Manager Phil Falcone Attempts Audacious IPO [Forbes]

Comments (43)

  1. 1
    Posted by Vietnam & Brazil | July 11, 2012 at 1:42 PM

    Please, stay away.

  2. 2
    Posted by 2_Small_2_Bail | July 11, 2012 at 1:42 PM

    Finally some liquidity for these fucking walking talkies…wait, what's the structure??

    -Every Current Harbinger Investor

  3. 3
    Posted by guest | July 11, 2012 at 1:44 PM

    Where have you been?!

    -needy guest

  4. 4
    Posted by Texashedge | July 11, 2012 at 1:45 PM

    It's kind of obscure and a little old, but has anyone seen the movie The Boost? This reminds me of the plot of that movie.

  5. 5
    Posted by Guest | July 11, 2012 at 1:47 PM

    Bess, was this in The Onion?

  6. 6
    Posted by gust | July 11, 2012 at 1:49 PM

    i'm just glad to finally see someone leveraging obvious synergies by bringing hotels in Vietnam and iron in Brazil under single management.

  7. 7
    Posted by Wilbur | July 11, 2012 at 1:49 PM

    Vietnam? I have relatives there.

  8. 8
    Posted by cojones | July 11, 2012 at 1:49 PM

    Casino in Vietnam? Check!
    Iron Ore in Brazil? Check!
    CEO with Wells Notice in hand? Mutha-fuckin check!

    We're in for $100M

    - UBS Due Diligence Quant

  9. 9
    Posted by UBS IPO Quant | July 11, 2012 at 1:50 PM

    We'll take 1,000,000 shares

  10. 10
    Posted by a different guest | July 11, 2012 at 1:50 PM

    We'll take 1,000,000 shares

  11. 11
    Posted by HungryIntern | July 11, 2012 at 1:53 PM

    If I understand the SPAC capital structure correctly this sounds like a great idea…

    ~5 star hotel owner on Tenerife

  12. 12
    Posted by Guest | July 11, 2012 at 1:54 PM

    Haven't seen it, so to me this is Boiler Room

  13. 13
    Posted by Guest | July 11, 2012 at 1:54 PM

    We'll take 1,000,000 shares

  14. 14
    Posted by HighFrequencyHater | July 11, 2012 at 1:55 PM

    Brilliant move; time to unlock all that value that's hiding behind the halted redemptions…. err right?

  15. 15
    Posted by Guest | July 11, 2012 at 1:55 PM

    What's next? Lenny Dykstra starting a high-end jet charter company and a magazine marketed to professional athletes?

  16. 16
    Posted by terrible | July 11, 2012 at 1:56 PM

    My Hanoi Hilton upgrades have been waiting years.

  17. 17
    Posted by Texashedge | July 11, 2012 at 1:57 PM

    It does not come highly recommended

  18. 18
    Posted by Bad Idea Jeans | July 11, 2012 at 1:58 PM

    Normally I wear protection; but then I thought: when am I gonna make it back to Haiti?

  19. 19
    Posted by Guest | July 11, 2012 at 2:02 PM

    This guy is is the real deal.

    -P Krugman

  20. 20
    Posted by Guest | July 11, 2012 at 2:06 PM

    Phil Harbinger is what the subprime in trouble.

  21. 21
    Posted by Guest | July 11, 2012 at 2:08 PM

    What units does this button use? Actual number of shares? Thousands? Millions?
    Shit…

  22. 22
    Posted by Steven A. Cohen | July 11, 2012 at 2:09 PM

    Two words, Phil: Re Insurer.

    All the cool kids are doing it.

  23. 23
    Posted by güest | July 11, 2012 at 2:10 PM

    Help, I accidentally my Bloomberg!

  24. 24
    Posted by Guest | July 11, 2012 at 2:16 PM

    Property taxes due already?

  25. 25
    Posted by guest | July 11, 2012 at 2:23 PM

    who wants to loan phil falcone $50 million?

  26. 26
    Posted by Sell It | July 11, 2012 at 2:28 PM

    Coincidence is the word we use when we can't see the levers and pulleys.

  27. 27
    Posted by DrunkenIrishman | July 11, 2012 at 3:01 PM

    Harbinger Global is not in trouble! If anything, they're more likely to be taken over!! Don't move your money from Harbinger Global!!!

    – JC

  28. 28
    Posted by PermaGuestII | July 11, 2012 at 2:24 PM

    "A spokesman for Mr. Falcone categorically denied that the move is related to the lack of extradition treaties with Brazil and Vietnam."

  29. 29
    Posted by Rio Puts | July 11, 2012 at 4:00 PM

    Stay out of our trades!

    ~Futures guys

  30. 30
    Posted by Ironman Ninetytwo | July 11, 2012 at 4:16 PM

    He should buy a jail so he can live at home.

  31. 31
    Posted by im_new_here | July 11, 2012 at 5:22 PM

    What are the chances we'd lose $350m on this twice?

    –UBS Random Walk Quant

  32. 32
    Posted by guest | July 11, 2012 at 11:48 PM

    A room 4 idea if ever I heard one.

  33. 33
    Posted by Michael Monroe | July 12, 2012 at 12:11 AM

    Hanoi Rocks

  34. 34
    Posted by TheodoreBallgamePhD | July 12, 2012 at 2:03 PM

    Wilbur is one of the greats!

    -Also JC

  35. 35
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    For those who have inquired, Disney’s THE LITTLE MERMAID is not yet widley available for license. It will be handled by Music Theatre International, the licensing house that has handled the other available Disney titles. The Disney Company is experimenting with two regional theatres next year, to see what the creative forces of those theatres will do to solve the show’s challenges, and then they’ll decide what the next step for the property is. Those theatres are the Tuacahn Amphitheatre in St. George, Utah (opening in June of 2011), and then Music Theatre of Wichita (August).Thanks again.WB

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    Posted by Neilsen | September 25, 2012 at 2:25 AM

    I read that Falcone is considering to make partners with East Asian firms. He has already secured a hong kong investment visa.

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