Earlier this morning, LightSquared, the big wireless bet currently being waged by Phil Falcone, made the exciting announcement that the venture has raised an additional $265 million in funding from investors old and new. While the news is heartening and brings the total amount secured $2.3 billion in the past year, LightSquared and Phil are still quite far from their goal.
The company may need to raise as much as $4 billion to construct its so-called fourth-generation network, Jonathan Chaplin, a Credit Suisse Group AG analyst in New York, said in May.
This is where you people come in. Can Phil count on you for a few mill? If you don't have a relationship with the Harbinger Capital founder and are wondering "what'd he ever do for me?" think about all the other people the money will help and, alternatively, who will get hurt should it not be raised. Our favorite hedge fund wife of all time, Lisa Maria. Her outfits, which feel like living, breathing people to us. Swizz Beatz. James Franco. For-hire midgets. Harbinger investors, who are receiving a portion of redemptions in shares of LightSquared. Wilbur, the family's singing and dancing pig, whose best years have been spent performing for the Falcones, and who shouldn't have to beg.
Falcone's LightSquared Raises $265 Million [Bloomberg]