Hedge Funds

Take it or leave it.At a sizeable discount, por favor. Read more »

Phil Falcone Isn’t Through With Charlie Ergen Yet!

Harbinger's latest filing.Phil Falcone is sticking with his narrative for a little debacle called LightSquared: First, GPS companies started using his spectrum without permission, and then said that if Phil started to use it to provide 4G all over this great country, it would be a great country littered with airline wrecks. This planted a seed in the twisted mind of the wickedest man in the whole wide world, Charlie Ergen, who is trying to buy the entire electromagnetic spectrum so that anyone with entertainment needs will have no choice but to come to him and his Dish Network empire. Now, being a man absent of moral fiber, Charlie Ergen thought nothing of buying up as much LightSquared debt as he could on the cheap, even though he more or less explicitly wasn’t allowed to. This “fraudulently deprived Harbinger of control of LightSquared when it was needed most,” so that Charlie and Dish could swoop in and buy the precious if not entirely usable spectrum for nothing. Which, whether you buy Phil’s story or are partial to Charlie’s “it was for my daughter’s college fund” angle, is pretty much what happened.

Long story short, as far as Phil is concerned, this means it is not his fault that Harbinger’s investors have taken a $2 billion bath on LightSquared. And he would very much appreciate it if a judge let him show who is at fault. Treble damages would also be nice. Read more »

Through gritted teeth.The Pershing Square chief is back on for dinner at Marea on Dec. 18, while Valeant Pharmaceuticals will have to settle for about $400 million of his winnings and maybe some other sacrificial lamb-drug company that Ackman might care to throw its way. Read more »

Luckily, no earth-shattering news like this bumped the story again.The world’s greatest local newspaper has at last taken the time to fill one of the greatest lacuna in its 147-year history: How Greenwich came to be the world’s hedge-fund capital. Or, if not the de jure capital, at least the de facto one. Or, barring that, a nice place to live that’s close to the real hedge-fund capital and which has over the last two decades developed the kind of critical mass than even an increasingly unfriendly tax regime is unlikely to displace to Florida and where people can gather in posh places to discuss such groundbreakingly complex investment strategies like borrowing money to make meh returns look meh-plus, or, as the jargon as it, “leverage.” Read more »

Steve Cohen Forced To Pretend He Needs Help With Stuff

Does this look like someone who needs an advisory board?A few months ago, Steve Cohen brought Doug Haynes in to run his world-class family office, replacing the long-suffering Tom Conheeney. And even though he had just taken over a **wink, wink** family office, Doug just couldn’t help himself: He wants to be president of the best goddamned asset management entity on God’s green earth, he allowed.

Well, even when you’re perhaps the biggest family office on that earth in terms of employees, all of whom can invest san blood-or-marital relations to Clan Cohen, it’s hard to be the premier asset manager in the world when you’re managing money for so few people, only one of whom really has got a lot of scratch. So someone, perhaps, had an idea: Let’s create some new, extremely well-heeled “employees” who can drop by for coffee a couple of times a year and maybe throw nine or 10 figures our way. You know, just to grease the machine until we can get out from under this trading-for-other-people interdict. We’ll call it an advisory board. Read more »

Toasting to your success.Carl Icahn’s a pretty good judge of character. Of men, as they said in his day. Sure, there was that one time, with that Ackman guy, but even that turned out alright in the end.

Now, Carl Icahn’s a pretty busy guy. He’s also, as we may have mentioned once or twice before, 78 years old. No matter: It would be criminal for him to deny his gift for finding the right man for the job to the companies of the world, or at least the companies of his portfolio. And so he does not. And while some may have some trepidation about going to work for a company in which Icahn owns even a single share, those who take the leap assure you he’s a grandfatherly teddy bear. Read more »

More powerful than...So what if his dream of forcing Allergan to settle for Valeant is very much on the rocks? If the Pershing Square chief has proven nothing else, it is that he will make money no matter what happens during this calendar year. Let Allergan take Actavis’ $60+ billion—Bill Ackman gets 10% of it. And then he can sell the company that his old buddy told him to invest in to Valeant. Read more »