LightSquared

  • News

    LightSquared Closer To Losing Every Cent Phil Falcone Put Into It

    The not-exactly-wireless-internet company continues to excel at the only business it’s ever really been in, which is losing money; it’s set $1.8 billion on fire since it went into bankruptcy not quite two years ago, to cover interest payments and to keep the pipes from freezing. Well, Phil Falcone (‘s investors) dumped some $2.9 billion […]

    / Dec 17, 2014 at 12:52 PM
  • Hedge Funds

    Phil Falcone Isn’t Through With Charlie Ergen Yet!

    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 […]

    / Nov 19, 2014 at 4:48 PM
  • News

    LightSquared Is Back In Business

    And that business is making interest payments on its mountain of debt, as creditors, would-be creditors, Phil Falcone and a federal bankruptcy-court judge fiddle.

    / Aug 21, 2014 at 2:01 PM
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    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 from the securities industry and putting out fires daily with regard to his passion project, LightSquared, was just going to start suing everyone. Which he kind of has! In the last 11 months alone, the hedge fund manager has filed […]

    / Jul 14, 2014 at 5:38 PM
  • Phil-Falcone

    News

    Phil Falcone Is Just Going To Start Accusing Business Adversaries Of Being Gangsters

    Philip Falcone’s Harbinger Capital Partners is again suing Dish Network Corp. DISH +0.78% and Chairman Charlie Ergen, this time under the federal racketeering statute. Harbinger is suing both Mr. Ergen and Dish for at least $1.5 billion, saying Mr. Ergen violated the Racketeer Influenced and Corrupt Organizations Act when he acquired the debt of LightSquared—the […]

    / Jul 9, 2014 at 12:39 PM
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    News

    Phil Falcone May Be Spending A Lot More Time With The Minnesota Wild

    Remember LightSquared? Company 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”? Filed for Chapter 11 bankruptcy in May 2012? Passion project of investor Philip Falcone, on which he bet the farm? The thing Falcone said he was […]

    / Jul 1, 2014 at 3:50 PM
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    News

    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 […]

    / Jun 19, 2014 at 1:17 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 asking the Federal Communications Commission to take “immediate” action to stem the barrels of red ink flowing from the company. In a letter to the FCC, Falcone is urging the regulator to “mitigate further damage” to Harbinger, which invested $3 […]

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

    News

    Company That Does Nothing Finds A Way To Plough Through $1.3 Billion

    Lightsquared, come on down.

    / May 16, 2014 at 4:16 PM
  • The wireless broadband provider That could

    Phil Falcone, Charlie Ergen Differ On What Exactly Constitutes Fairness

    Phil Falcone thinks that LightSquared’s reorganization plan is way too generous to Charlie Ergen? Well, Charlie Ergen thinks that Phil Falcone’s reorganization plan for LightSquared is way too generous to Phil Falcone, and also not generous at all to himself, his lawyer would like to reiterate once again.

    / May 6, 2014 at 1:40 PM
  • The wireless broadband provider That could

    Phil Falcone & Co. Still Not Sorry About Trying To Screw Over Charlie Ergen

    Third-lien notes payable over seven years by a company that just had to borrow $74 million from people (including Charlie Ergen) to stay afloat through June 15 is more than fair for a man (Charlie Ergen) who created the whole mess in the first place, according to said company.

    / Apr 15, 2014 at 4:46 PM
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    The wireless broadband provider That could

    Phil Falcone’s Passion Project Probably Good For $1 Billion: Credit Suisse

    Philip Falcone’s LightSquared Inc. will probably be able to borrow $1 billion to finance its exit from bankruptcy as a standalone company, Credit Suisse Securities LLC said in a letter made public Friday. The Credit Suisse Group AG (CSGN) unit said it was confident it could arrange the proposed bankruptcy-exit loan as long as LightSquared, […]

    / Mar 24, 2014 at 1:51 PM
  • Hedge Funds

    Phil Falcone Says Charlie Ergen’s Lying Now A Criminal Matter

    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.

    / Mar 12, 2014 at 11:05 AM
  • falconetraffic

    News

    Phil Falcone Will Just DVR “The Today Show” Tomorrow

    [via @joecheckler]

    / Jan 16, 2014 at 2:25 PM
  • News

    Two Can Play At This Game, Charlie Ergen

    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 […]

    / Oct 8, 2013 at 1:45 PM
  • News

    LightSquared, Creditors Hold Debate On The Definition Of ‘Independence’

    The hedge funds that LightSquared owes money to, notably Dish Network Chairman Charlie Ergen’s personal hedge fund, are quite eager to force LightSquared to accept Dish’s bid for its assets. This would have the salutary effect of (a) ensuring that they all make a huge profit on debt they paid pennies for, (b) humiliating and […]

    / Sep 24, 2013 at 4:10 PM
  • News

    Charlie Ergen Will Not Have His Effort To Destroy Phil Falcone Called A ‘Conflict of Interest’

    An “awkward position,” maybe. But that doesn’t mean he shouldn’t reap all of the rewards of his maybe-shady-but-probably-not-illegal move to buy half of LightSquared’s debt, and any (either of the, really) independent directors who disagree can hit the road.

    / Sep 11, 2013 at 4:00 PM
  • Phil-Falcone

    News

    Charlie Ergen Not Sure Phil Falcone Really Wants To Go There

    As some of you may recall, back in August, when Phil Falcone was on a suing people/things binge, one of the guys he decided to go after was Dish Network Chairman Charles Ergen, who Falcone’s Harbinger claimed had fraudulently acquired in LightSquared. Today Ergen asked a judge to throw out the lawsuit, in part because, […]

    / Sep 10, 2013 at 4:10 PM
  • ovationhall

    News

    The Yet-To-Be Finished Memoir Of Wilbur P. Falcone: Part II

    The light streaming into the hotel room blinded Wilbur. Or at least she thought it was a hotel room. She didn’t actually know where she was, or what time it was, or who the guy passed out next to her was. The only thing she knew for sure was that she had a pounding headache […]

    / Aug 21, 2013 at 5:54 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 me and our investors,” Falcone said in a statement. The fallen hedgie said the deal will allow him to focus on his publicly traded entity, Harbinger Group, and his wireless venture LightSquared, which is struggling to emerge from bankruptcy. [NYP, […]

    / Aug 20, 2013 at 1:03 PM
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    News

    Phil Falcone Is Just Going To Start Suing Everyone

    Once the Harbinger founder got a taste of how good it felt to serve someone papers, he just couldn’t stop. This morning it was the entire GPS industry; tomorrow, anyone who sold their LightSquared debt to Charlie Ergen, these guys, for not winning the Stanley Cup, and maybe the SEC, in some sort of countersuit. […]

    / Aug 9, 2013 at 3:51 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 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, […]

    / 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 LightSquared’s spectrum from Phil Falcone’s cold, hockey-hardened hands. Fancy that.

    / Jul 29, 2013 at 2:50 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

    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

    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 backer, Philip Falcone’s Harbinger Capital Partners, to a bankruptcy judge. The lenders, which are owed more than $1 billion, are eyeing loans LightSquared took out last summer from Harbinger, which owns most of LightSquared’s stock and has four of the […]

    / Aug 13, 2012 at 1:56 PM

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