Hedge Funds

LightSquared Creditors Will Get The Documents They Want, After They’ve Pried Them Out Of Phil Falcone’s Cold Dead Hands

LightSquared’s lenders says Philip Falcone’s Harbinger Capital Partners won’t hand over documents they are requesting as part of an investigation over whether they can pursue claims against Harbinger and the wireless satellite company. In a Tuesday filing with U.S. Bankruptcy Court in Manhattan, lawyers for a group of LightSquared lenders owed more than $1 billion said it “appears” LightSquared received “preferential” loans last summer without any investment by Harbinger, which owns most of LightSquared’s stock and has four of the company’s six board seats. The lender group says it has the right to subpoena Harbinger as part of its June agreement to allow LightSquared to use cash secured by its loans. But Harbinger, it says, has refused. “Harbinger’s basis for its blanket refusal is that ‘as these cases progress, it will become clear that sufficient value exists to pay all creditors in full under a Chapter 11 plan,'” said the lenders, whose loans are secured by all of LightSquared’s assets. [DowJones]

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10 Responses to “LightSquared Creditors Will Get The Documents They Want, After They’ve Pried Them Out Of Phil Falcone’s Cold Dead Hands”

  1. L^2 Creditors says:

    Challenge accepted!

  2. Guest says:

    Light Squared must merge with UBS in order to survive

  3. guest says:

    Well, he hasn't commented on this one yet… maybe zombie guy took UBS rap quant's advice!

  4. Guest says:

    Laying on the ice with his teeth knocked out and a 6" head wound spurting blood, Phil Falcone continues fighting.

  5. harrybalzer says:

    Of course it's all there, I just told you it was.

  6. Not Phil Honest says:

    Wait – if I eventually go tits up in some bizarre seizure of my personal assets against what I've done at Harbinger, could the trustee theoretically take Lisa as an asset?

  7. Funskip says:

    Muchos Gracias for your article post.Really looking forward to read more. Really Great.

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