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]
- Hedge Fund Manager Keeps A Detailed Record Of All The Asses He's Grabbed
- Christmas Come Early At Casa De Falcone
- Area Man Underestimates Just How Much Steve Cohen Hates His Ex-Wife
- Opening Bell: 11.25.14
- Former JP Morgan Employee Trades "Root Of All Evil" Gig For Extreme Water Sports
- Bonus Watch '14: Congrats On Being An Investment Banker
- Hedge Funds Great At Picking Absolutely The Worst Stocks This Year
- Restaurant Offering 35k Thanksgiving Dinner Just Saying Think About It
- How Much Did Goldman Sachs Make For Losing Muammar Gaddafi $1.2 Billion?
- Federal Prosecutors Don't Appreciate Former Jefferies Trader's Vivid Imagination
- Executive Editor
- Bess Levin
How Can We Help You?
- Send tips to:
- For tech issues email:
- For advertising or events email:
- For research or custom solutions email:
- Dealbreaker is published by Breaking Media.
For a full list of our sites, services and staff visit breakingmedia.com