Harbinger Capital Partners

  • Phil Falcone

    News

    Christmas Comes Early At Casa De Falcone

    Phil knew that this was more than just a threat. In all the years they’d […]

    / Nov 25, 2014 at 1:59 PM
  • philfalconeofficehockeystick-260x3371

    News

    Phil Falcone Is Thinking Things

    Like maybe now that he’s got all this free time on his hands, he should […]

    / Sep 15, 2014 at 2:15 PM
  • Phil Falcone

    News

    Ex-Harbinger COO Settles With SEC For Hitching Wagon To Falcone-Shaped Star

    Remember, back in 2009, when Phil Falcone loaned himself $113 million from a gated investor […]

    / Jul 29, 2014 at 1:40 PM
  • 0509-Falcone-630x420-260x173

    News

    Phil Falcone Suing People, Companies, Industry Groups, Countries

    A year ago this August, we noted that a brow-beaten Falcone, on a time out […]

    / Jul 14, 2014 at 5:38 PM
  • phil falcone

    News

    Phil Falcone Insists FCC Do What He Cannot

    Falcone, whose Harbinger Capital hedge fund owns the bankrupt LightSquared, a high-speed wireless start-up, is […]

    / May 30, 2014 at 4:11 PM
  • PHILFALCONE

    News

    Phil Falcone Would Appreciate It If Someone Would Write Out An Explicit Set Of Rules Re: What One Can And Cannot Do With Company Funds

    As those of you who keep close tabs on the trials and travails of La […]

    / Mar 28, 2014 at 1:28 PM
  • philandlisafalcone

    News

    Bonus Watch ’14: Phil Falcone

    Industry ban, shmidunstry ban! Big Phil’s gonna get paid.

    / Jan 3, 2014 at 9:37 AM
  • News

    Billionaire Hedge Fund Managers Want Gold iPhones Too Ya Know

    Phil Falcone has apparently found yet another bright side to being banned from the securities […]

    / Sep 20, 2013 at 6:54 PM
  • lisafalconeballet

    News

    Lisa Marie Falcone Is Back, Baby!

    Thought a little $18 million fine and a 5-year ban from the securities industry for […]

    / Sep 20, 2013 at 5:16 PM
  • philfalcone

    News

    Judge In Agreement That Phil Falcone Should Probably Take 5

    Billionaire hedge-fund manager Philip Falcone’s $18 million settlement with U.S. regulators that includes a five-year […]

    / Sep 17, 2013 at 12:19 PM
  • Phil-Falcone

    News

    Phil Falcone’s Ban From The Securities Industry Not So Much A Ban As It Is A Blessing, Says Phil Falcone

    “I believe putting these issues behind me now is the best course of action for […]

    / Aug 20, 2013 at 1:03 PM
  • philfalconeofficehockeystick-260x3371

    News

    Phil Falcone Can Now Devote Himself Full Time To Building A Low-Cost Wireless Network That’s Going To Blow Your Mind

    Remember, back in 2009, when Phil Falcone’s personal accountants realized that the hedge fund manager […]

    / Aug 19, 2013 at 5:07 PM
  • Impressed

    News

    Phil Falcone Sues Charles Ergen For Acting Like Phil Falcone

    Presumably someone is working on a book about the LightSquared saga though so far this […]

    / Aug 7, 2013 at 3:03 PM
  • News

    Dish Network Chief’s Bid To Ruin Phil Falcone’s Life Not Entirely Spiteful Or Philanthropic

    Charlie Ergen stands to make quite a bit of money if he succeeds in prying […]

    / Jul 29, 2013 at 2:50 PM
  • philfalconeofficehockeystick

    Hedge Funds

    SEC Settlement Stops Short Of Demanding That Phil Falcone Not Commit Fraud Any More

    They’re not gratuitously cruel after all: The settlement deal, the people said, is also notable […]

    / May 9, 2013 at 12:36 PM
  • phil_falcone

    News

    Harbinger Group Now Dabbling In Women’s Lingerie

    Naturally.

    / Mar 19, 2013 at 1:39 PM
  • philfalcone

    News

    Phil Falcone Maintains ‘Absolute Lawfulness’ Of Lending Himself A Hundred Mill From Investor Fund

    Remember, back in 2009, when Phil Falcone realized he’d forgotten to set aside enough cash to cover his taxes and came up with the idea to loan himself the money from a gated investor fund? And investors got all bent out of shape about it and the SEC did too? If the former was looking for some sort of an apology and the latter was looking for some show of groveling (in an attempt to avoid paying a fine/have a judge rule he can’t come within 200 feet of a public company sorry), sorry, ’cause Phil’s not sorry.

    / Mar 1, 2013 at 2:29 PM
  • philfalconeharbinger

    News

    LightSquared Creditors Seek Permission To Go After Mrs. Phil Falcone’s Shoe Collection

    Remember Phil Falcone? Hedge fund manager about yea high? Cuts his hair like he’s still playing professional hockey? Is betting the farm on a company called LightSquared that “seeks to create connectivity for all” but in doing so might “cost 794 lives in aviation accidents over 10 years with disruptions to satellite-aided navigation” and filed for Chapter 11 bankruptcy last May? Anyway, LightSquared’s creditors were in court today asking for the right to go after Big Phil/Harbinger, who they believe screwed them big time.

    / Jan 9, 2013 at 6:09 PM
  • News

    Sleep Where Phil Falcone Hath Slept

    Whether you’re in the market for a house in Southampton or not, consider making him […]

    / Oct 18, 2012 at 4:27 PM
  • News

    Phil Falcone Will Borrow Hundreds Of Millions Of Dollars From Any Gated Investor Fund He Pleases

    Phil Falcone, as some of you may know, has made some mistakes in the last couple years. Pouring his investors’ money into a wireless start-up that may or may not ever get off the ground. Offering those who wanted out illiquid LightSquared equity instead of cash. Not getting his wife a driver for party-time.  If you’re wondering why we haven’t mentioned the time he borrowed $113 million from a gated fund in order to pay personal taxes, which he had not set aside enough money to cover, it’s because Phil doesn’t count it as a mistake, regardless of what you, or the SEC, or anyone else says.

    Hedge-fund manager Philip Falcone and his firm, Harbinger Capital Partners LLC, formally signaled their intent to seek the dismissal of fraud charges filed against them earlier this year by securities regulators, according to people familiar with the case. In June, the Securities and Exchange Commission filed civil charges accusing Mr. Falcone of putting his own interests, including maintaining a “lavish lifestyle,” ahead of those of Harbinger’s investors. The agency accused Mr. Falcone, Harbinger and Harbinger’s former operating chief, Peter Jenson, of misleading investors and an outside law firm when Mr. Falcone took out a $113.2 million loan in 2009 from a Harbinger fund to pay his personal taxes, even as other investors in the fund were prevented from pulling their money.

    Lawyers for Mr. Falcone and Harbinger sent a letter to Judge Paul Crotty of U.S. District Court in Manhattan Friday, the deadline for responding to the SEC’s complaint, saying they intended to seek dismissal, the people said. The letter also summarized arguments for the dismissal. Mr. Jenson also filed a letter Friday through his lawyers saying he intended to seek dismissal of the complaint. Representatives of Mr. Falcone and Harbinger have said before they planned to fight the allegations. In negotiations with securities regulators leading up to the charges, they had argued that Mr. Falcone and Harbinger were simply following sound advice from their legal counsel.

    Which, for those who missed it, was: “[L]ending money to principals is not part of the fund’s investment program” and “a loan . . . will never be a good idea” and “[We are] unequivocally against the loan idea for a number of reasons.”

    Falcone To Seek Case’s Dismissal [WSJ]
    Earlier: Phil Falcone’s Alleged Piggish Behavior Made Him Some Enemies

    / Oct 1, 2012 at 3:08 PM
  • News

    Harbinger Capital-Backed LightSquared: What If We Told You We Could Build A Wireless Network That Doesn’t Kill People Via GPS Interference? Does That Sound Like Something You’d Be Interested In?

    As many of you know, the last year or so has been a pretty tough one for Phil Falcone. In addition to a civil suit against him by Harbinger Capital investors, DWAI’s on the home front, and the pesky matter of being charged with securities fraud by the SEC, which would like to see him banned from the industry, what’s really been plaguing him has been the opposition encountered by LightSquared, his dream and the thing he’s more or less staked all his and his investors’ money on. Before it entered Chapter 11 bankruptcy in May, the most serious charge against the company was that while it may seek to create “convenient connectivity for all,” in doing so, the odds are high it would GPS interference that would result in boats getting lost at sea; “degrade precision services that track hurricanes, guide farmers, and help build flood defenses“; and, according to the FAA, “cost 794 lives in aviation accidents over 10 years with disruptions to satellite-aided navigation.” Now, four months later, the would-be wireless network has come back with a plan: LightSquared, but without all the bad parts (for now).

    Philip Falcone’s LightSquared on Friday made a proposal to the Federal Communications Commission that the company hopes will solve the regulatory issues surrounding its wireless satellite network and help it build its business faster without abandoning its long-term goals…LightSquared filed to modify its license application so it can use its five megahertz of spectrum that haven’t caused GPS worries. It also seeks to use another five that it would share with federal-government users. The other filing, a rulemaking petition, calls for LightSquared to forego using the “upper” 10 MHz that have caused GPS concerns. In the meantime, it still wants the FCC to consider use of that 10 MHz but agreed to wait for and cooperate with “operating parameters and revised rules for terrestrial use of this spectrum.”

    Don’t get them wrong, they *want* to use the stuff that’s possibly GSP harmful, but in the meantime will be happy to use the stuff that isn’t, if that works for everyone.

    LightSquared Proposes Sharing Wireless Network With Government [DowJones]

    / Sep 28, 2012 at 2:29 PM
  • News

    Lisa Maria Falcone Had A Less Than Great Labor Day Weekend

    It’s no secret that one of our favorite hedge fund wives is Lisa Maria Falcone. Whether she’s imploring bitches to throw their hands in air, hiring little people for her twin daughters’ birthday party, spooning her pet pig, or simply flitting about town in outfits that go from gladiator chic to deconstructed “Like A Virgin,” the woman is her own special brand of fabulous. LMF started keeping a considerably lower profile once her husband Phil’s hedge fund hit a streak of bad luck though we always knew she’d be back. Unfortunately, we’d hoped the woman who does what she wants, haters of the Upper East Side be damned, would return with the news her production company was putting the finishing touches on Wilbur Falcone’s debut album and not this:

    …at 2:25 p.m., 48-year-old Lisa Marie Falcone of Manhattan crashed her vehicle at the corner of Montauk Highway and Hayground Road in Bridgehampton, police said. She was found to be to be under the influence of alcohol and prescription medication, police said. Falcone…was charged with driving while intoxicated.

    Listen, lady: Throwing back a few cocktails when your closet is having two-for-one happy hour is one thing but getting loaded up on booze and pills and going for a drive is quite another. You could have hurt someone or yourself and then Phil would’ve had to raise Wilbur on his own. Is that what you want?

    2 Charged With DWI Crashes in Hamptons [Long Island Press, mugshot via BI]

    / Sep 4, 2012 at 1:15 PM
  • News

    Bonus Watch ’13: LightSquared

    LightSquared is a wireless venture that seeks to create “convenient connectivity for all.” Unfortunately, as the Wilbur Falcone fans among us know, it’s looking like it’ll be a dark day in hell before that happens, on account of bunch of forces working together to shut this thing down at every turn, including but not limited to the yachting community that claims GSP interference caused by LS will result in boats getting lost at sea; the National Oceanic Atmospheric Administration, which has said LightSquared “may degrade precision services that track hurricanes, guide farmers and help build flood defenses”; and the FAA, which recently put out a study estimating LS could “cost 794 lives in aviation accidents over 10 years with disruptions to satellite-aided navigation.” Also not helping is that LightSquared filed for bankruptcy in May, the company is blowing through cash faster than Wilbur’s Studio 54 days, and senior executives won’t stop quitting. While some people might take stock of the situation and decide, at this point, to throw in the towel, Wilbur Falcone’s benefactor is not some people. He’s making this thing work if it’s the last thing he does. So, what to do? Obviously a couple of miracle workers are going to be needed and the thing about miracle workers is that they don’t come cheap. Gotta spend money to make money.

    Troubled wireless-satellite company LightSquared wants permission to dole out up to nearly $6 million in cash bonuses to four of its top employees, including its interim chief executive. Recent months have seen LightSquared burn through money–it has spent $134.3 million since filing for bankruptcy in May, according to its most recent monthly operating report, and executives alike. In court papers filed Wednesday, LightSquared said four senior executives have left the company in the past six months, including its former chairman of the board and CEO. The company wants to make sure four “irreplaceable employees” stick with the company as it attempts to claw its way out of bankruptcy protection and help to make the reorganization as fast and cheap as possible. LightSquared’s bonus proposal paves the way for a “total possible cash payout of approximately $5.985 million” over two years, according to a filing with the U.S. Bankruptcy Court in Manhattan. Four employees–interim CEO, president and chairman of the board Douglas Smith; Chief Financial Officer Marc R. Montagner; general counsel Curtis Lu; and its executive vice president, regulatory affairs & public policy Jeffrey Carlisle–would be eligible for incentives consisting of cash and restricted stock units paid in shares of the company’s current common stock.

    If the executives satisfy cash preservation goals, make progress in LightSquared’s efforts to resolve certain regulatory issues and emerge from bankruptcy by the end of 2013, they’ll receive vesting of all issued stock and “aggregate incentive payments of cash up to 285% of each such key employee’s annual salary,” LightSquared said. Hitting less aggressive goals, like exiting bankruptcy by the end of June 2014, would come with smaller payouts, like a cash bonus equal to 100% of the executives’ annual salary, in the case of the mid-2014 bankruptcy exit. Mr. Smith currently makes $700,000 annually; Mr. Montagner and Mr. Lu $500,000 each; and Mr. Carlisle $400,000. LightSquared said each of the employees “provides critical services, drives performance, and impacts LightSquared’s ability to enhance value in the Chapter 11 cases.” The group has also had to take on extra work recently, as more and more employees have left LightSquared both voluntarily and involuntarily. The company said its total employee headcount has dropped by 60% in the last six months. The bonus plan aims to motivate the company’s leaders to manage its businesses and working capital effectively and maximize the value of the estate for the benefit of all stakeholders, LightSquared said.

    LightSquared Seeks to Pay Key Executives up to $6M in Bonuses [DowJones]

    / Aug 30, 2012 at 4:12 PM
  • News

    Phil Falcone Is Turning His Life Around

    To put it lightly, the last couple years have been a rather dark time for Phil Falcone. Though his woes are too numerous to mention in full, they include: the adversity he’s faced in getting people to believe in LightSquared; his unbelievably pissy investors, who still aren’t over the time he borrowed $113 million from a gated fund to pay personal taxes, or offered to pay out redemptions in illiquid LightSquared equity; the Securities and Exchange Commission, which wants him banned from the industry for life; the woman who once offered a respite from it all, who now won’t even come out of her room when she knows he’s home; and, of course, the plunging returns in his once highly profitable hedge fund. It would be enough to make a grown man say ‘Fuck, it. I’m done.’ Put a few things in a sack, tie it to the blade of a hockey stick, and hitchhike back to Minnesota. But Phil didn’t do that and now? After a merciless storm of shit that felt like it would never ease up? After long days of investors and regulators breathing down his neck and nights of having to pound on the front door because he was accidentally purposely locked out of the house? The tide feels like it’s turning for Philip Falcone.

    Beleaguered hedge fund honcho Phil Falcone’s big bet on his own publicly traded entity, Harbinger Group, is helping to lift his troubled hedge fund, Harbinger Capital Management, out of the deep end. Falcone’s flagship fund posted returns of 10.6 percent in July and a whopping 28 percent gain in June.

    Of course, he’s still down 5.8 percent year-to-date, and the the director of the SEC’s division of enforcement wants hedge fund graduate schools to use Harbinger as a case study during the unit on “how to operate a hedge fund unlawfully,” but tonight? Tonight he tells Lisa to treat herself to something nice. Tonight he tells Wilbur to pull the baby grand out of the closet, where it’s sat untouched for months. Tonight his key works in the lock. Tonight we dance.

    Phil Helps Himself [NYP]

    / Aug 16, 2012 at 11:23 AM
  • News

    Phil Falcone Feels Like He Needs To Take A Restraining Order Out On LightSquared Lenders

    LightSquared’s lenders on Tuesday will take their fight to probe the troubled wireless venture’s main […]

    / Aug 13, 2012 at 1:56 PM
  • Hedge Funds

    LightSquared Creditors Will Get The Documents They Want, After They’ve Pried Them Out Of Phil Falcone’s Cold Dead Hands

    LightSquared’s lenders says Philip Falcone’s Harbinger Capital Partners won’t hand over documents they are requesting […]

    / Aug 1, 2012 at 2:44 PM
  • Can't nobody hold me down

    Who Wants To Invest In Phil Falcone’s New Company?

    Harbinger Global Corp is coming to an exchange near you.

    Phil Falcone, the embattled billionaire hedge fund manager, has put together an unorthodox IPO that will see his hedge fund firm contribute assets valued at $350 million to a blank check company that will trade publicly. In the deal, a special purpose acquisition company that is expected to trade on Nasdaq and be known as Harbinger Global Corp., will acquire a majority interest in an MGM-branded hotel and casino development in Vietnam and a minority interest in an iron ore producer working in Brazil. Funds run by Falcone’s Harbinger Capital Management that are contributing the assets will get an ownership stake that could be as high as 96% in Harbinger Global and Falcone is slated to become executive chairman of the company. Falcone’s move to become closely involved in a publicly-traded company is audacious given that he is currently facing securities fraud charges from the Securities & Exchange Commission.

    Yeah, well, people also thought it was audacious for him to invite a burlesque dancing pig he barely knew to come and live with him and she turned out to be the best thing that ever happened to him, so.

    / Jul 11, 2012 at 1:38 PM
  • News

    Phil Falcone’s Alleged Piggish Behavior Made Him Some Enemies

    If you knew nothing about Phil Falcone but what you read in the SEC’s assortment […]

    / Jun 27, 2012 at 4:30 PM