Special Report: Phil Falcone's Riskiest Trade? (Reuters)
In an email exchange with a Reuters reporter, Falcone suggested that even a bankrupt TerreStar might be worth between $1.5 and $2 billion because of the value of its spectrum license. Using those rough figures, Falcone would appear to be valuing LightSquared at a minimum of between $3 billion and $5 billion based solely on the size of its transmission spectrum -- which is twice that of TerreStar's. When asked whether a $3 billion to $5 billion valuation figure for LightSquared based on it spectrum assets is appropriate, Falcone responded in an email: "I've been offered more but u r getting warm." He didn't elaborate but in another email he implored: "Do the math."
Roubini: Chance Of A Double Dip Now Over 40% (CNBC)
"In the short run we may end up like Japan," Dr. Doom said.
Ireland's `Vicious Circle' Leaves Banks Facing Higher Debt Cost (Bloomberg)
Standard & Poor’s this week cut the country’s credit rating to AA-, the lowest since 1995, just as 30 billion euros ($37.9 billion) of government-guaranteed bank debt is due to roll over. Lenders may have to turn to the European Central Bank, said Alan McQuaid, chief economist at Bloxham Stockbrokers in Dublin. “The timing is awful,” McQuaid said. “If the banks can’t refinance, then they become more reliant on the ECB, which hurts the perception of Ireland, which in turn drives sovereign spreads wider. It becomes a vicious circle.”
Santander Suspends Analyst Charged by S.E.C. (Dealbook)
Juan Jose Fernandez Garcia, a senior analyst of equity derivatives based in Madrid, was charged by the S.E.C. of buying “hundreds of ‘out-of-the-money’ call option contracts for stock in Potash” in the run-up to BHP announcing its offer.
UK bank accounting rules 'fatally flawed', warns influential watchdog (Telegraph)
While reviewing the proposed expansion of the International Financial Reporting Standards for accounting, Tim Bush, a member of the “Urgent Issues Task Force” that scrutinises the work of the Accounting Standards Board (ASB), claims to have uncovered “fatal” and “dangerous” flaws in the system.
Tiger, Elin Open Up About Sex Scandal and Golf (AP)
Woods admitted to reporters at a New Jersey tournament that he has had difficulty focusing on his game amid the dissolution of his marriage to Nordegren. "As far as my game and practicing, that's been secondary," Woods told reporters at The Barclays Golf Tournament, held at the Ridgewood Country Club in Paramus, New Jersey. "I came back as part of my job...coming back and playing golf had nothing to do with our decision to move our separate ways."