The former hedge fund manager and aspiring 4G magnate’s technically-inept lawyers suggest that his arch-enemy may have been stretching the truth a bit about when he began to consider investing his daughter’s trust fund in LightSquared bonds. Read more »
A couple of weeks ago, some LightSquared creditors who may or may not be Dish Network chairman Charlie Ergen but who definitely want Charlie Ergen to buy LightSquared got someone who doesn’t like Charlie Ergen kicked off the committee that will consider Charlie Ergen’s bid. Well, some people who don’t like Charlie Ergen but own a few shares in his company now want a couple of people who do like Charlie Ergen thrown off of Dish’s committee handling the bid for LightSquared, for the same reason that Charlie Ergen or Charlie Ergen’s allies wanted the person who doesn’t like Charlie Ergen off the LightSquared committee. And none of them are Phil Falcone! Got it? Read more »
Presumably someone is working on a book about the LightSquared saga though so far this is all that I can find on Amazon. But the twists and turns of Phil Falcone’s efforts to build a relatively non-plane-crashing wireless communications network, the dizzying highs and subsequent definitive lows of his relationship with the FCC, LightSquared’s bankruptcy, its ramifications for Falcone’s hedge fund, and the fight to gain control of its spectrum in bankruptcy, are the very definition of excitement in business dealings, which is to say that they’re a bunch of guys sitting in offices and sending emails to each other but, like, angry emails.1
The latest is that Falcone’s hedge fund Harbinger is suing Charles Ergen and Ergen’s EchoStar Corporation and Dish Network for doing naughty things to muck up LightSquared’s bankruptcy process. This is praise from the master; you might recall then-SEC enforcement director Robert Khuzami saying last year that Falcone’s own gated-fund-borrowing-and-short-squeezing shenanigans “read like the final exam in a graduate school course in how to operate a hedge fund unlawfully.” My take at the time was that those shenanigans seemed (1) definitively nasty but (2) not so definitively illegal, and I guess I’ll go with the same answer for Ergen’s manipulations? Man, Fraud Graduate School is easy.