• 19 Jun 2014 at 1:17 PM

Phil Falcone Doesn’t Have To Take This Abuse

Philip Falcone resigned from the board of LightSquared Inc., the bankrupt wireless-spectrum owner he has tried to build into a rival to U.S. mobile providers, amid negotiations with creditors to reorganize the company. Falcone and four other people appointed to the board by his Harbinger Capital Partners voluntarily resigned on June 12, according to a letter filed with the Federal Communications Commission and posted on the agency’s website. Falcone, 51, had been fighting to keep control of the company throughout its two years in bankruptcy. At one point, Dish Network Corp. Chairman Charles Ergen made a $2.22 billion offer for its assets, only to withdraw the bid at the last minute. Falcone accused Ergen of acquiring LightSquared debt improperly to game the bankruptcy process. U.S. Bankruptcy Judge Shelley Chapman rejected a Falcone-backed reorganization plan in May, saying it was largely unfair to Ergen, while she also faulted Ergen’s behavior during the case. Since then, LightSquared and its creditors have entered court-supervised mediation to work out a new plan. [Bloomberg]

19 comments (hidden to protect delicate sensibilities)
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Comments (19)

  1. Posted by B Ackman | June 19, 2014 at 1:21 PM

    Good morning, Bess!

  2. Posted by Guest | June 19, 2014 at 1:23 PM

    First post of the day at 1:17pm.

    Glad I don't pay for this and I imagine the visitor stats here have fallen off a cliff over the past year.

  3. Posted by Meagain | June 19, 2014 at 1:26 PM

    Give Bess a break, she had last night's event, Dealbreaker Dramatic Reading Night Part III. I am sure she drank too much, and woke up too late to care. She slowly coming back……(I got your back Bess)

  4. Posted by Socceroo | June 19, 2014 at 1:34 PM

    Bessar, what color are your underwear love?

  5. Posted by Guest | June 19, 2014 at 1:46 PM

    Preach.

  6. Posted by Snoop | June 19, 2014 at 2:06 PM

    Chuuuuch.

  7. Posted by NakedShort | June 19, 2014 at 2:08 PM

    How did the reading go?

    -Guy in FL

  8. Posted by guest | June 19, 2014 at 2:10 PM

    kill yourself.

  9. Posted by guest | June 19, 2014 at 2:11 PM

    seconded.

    -guy who was there

  10. Posted by guest | June 19, 2014 at 2:11 PM

    you don't pay for this but you come here daily, comment, and get worked up about it. something tells me they don't have to worry about losing your visits.

  11. Posted by guest | June 19, 2014 at 2:12 PM

    someone sounds bitter they weren't at DBDRN3 last night.

  12. Posted by Shaz's beard | June 19, 2014 at 2:42 PM

    Shazzy hook up with a tranny again?

    -Guy who likes trannies

  13. Posted by Guest | June 19, 2014 at 3:16 PM

    So apparently you folks haven't heard that I am the one that got Bess' back.

  14. Posted by Guest | June 19, 2014 at 3:16 PM

    YO!

  15. Posted by Guest | June 19, 2014 at 3:44 PM

    The end of an era. Will Phil go back to coaching hockey?

  16. Posted by SameGuest | June 19, 2014 at 4:08 PM

    I come here a few times a week now and barely comment. The fact that the comments seem to rarely exceed 20 anymore probably means there are a lot of people who feel the same way.

    Keep up the good work though chief!

  17. Posted by guest | June 19, 2014 at 4:10 PM

    and it is clearly a great loss to not have your comments anymore…

  18. Posted by Oompah | June 19, 2014 at 6:43 PM

    The subtle Willy Wonka tag was old school.

  19. Posted by guestie | June 19, 2014 at 6:47 PM

    "How to Become a Millionaire!" by Phil Falcone.