Original Falcone Backers Grooming New Phil
Reuters reports Alabama-based Harbert Management Corp, which invested $25 million with Phil Falcone to give him his start in 2001, has "begun to pull [its] investments from Harbinger," while putting money with a newer, younger distressed debt trader, Greg Jordan, who will run Harbert Credit Opportunities Fund, which opens February 1. Harbert is said to have high hopes for Jordan, though no word on whether or not he'll be able to compete with Falcone when it comes to a taste for the finer things in life or barnyard animals who perform burlesque shows. [Reuters]
