Not just because he’s not Jewish, but also because, according to Dealbook, he’s already got a bitter taste in his mouth. (Which, somewhat surprisingly, has nothing to do with his 5 year ban from the securities industry or Charlie Eregn.)
At Seder tables next week, many Passover celebrants will nosh on matzo and gefilte fish made by the Manischewitz Company. But for one hedge fund manager, Philip A. Falcone, Manischewitz may leave a bitter taste. Mr. Falcone — chief executive of the hedge fund Harbinger Capital Partners, which until recently owned a controlling interest in Manischewitz — suffered a loss when Harbinger sold its position to Sankaty Advisors, an arm of the private equity giant Bain Capital, this week, people close to the matter said…Harbinger paid roughly $60 million for Manischewitz’s debt, according to people briefed on the matter who were not authorized to discuss it publicly. Last year, Harbinger sold the debt to Sankaty for about $55 million in a deal negotiated by Jefferies bankers. But Harbinger’s losses are probably greater than those numbers suggest. In all, Harbinger sank more than $100 million into Manischewitz during the years it owned the company, and it went though a series of chief executives who were unable to revive its fortunes.