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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]

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19 Responses to “Phil Falcone Doesn’t Have To Take This Abuse”

  1. B Ackman says:

    Good morning, Bess!

  2. Guest says:

    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. Meagain says:

    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. Socceroo says:

    Bessar, what color are your underwear love?

  5. NakedShort says:

    How did the reading go?

    -Guy in FL

  6. Shaz's beard says:

    Shazzy hook up with a tranny again?

    -Guy who likes trannies

  7. Guest says:

    YO!

  8. Guest says:

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

  9. Oompah says:

    The subtle Willy Wonka tag was old school.

  10. guestie says:

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