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Maybe Phil Falcone Had A Good Reason For Waiting To 'Til The Month Was Almost Over To Report September's Losses

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He could have been busy putting the finishing touches on Wilbur's Halloween costume (he's going as a slutty butcher** this year). You don't know.

Philip Falcone's flagship portfolio lost about 17 percent last month as telecommunications start-up LightSquared, one of the hedge fund manager's biggest investments, faced regulatory hurdles that threaten its business plan. Investors with the billionaire stock picker were told late last week that Falcone's Harbinger Capital Partners Fund II, L.P. had dropped 16.76 percent in September while the Harbinger Capital Partners Special Situations Fund, L.P. lost 9.65 percent, said two investors who saw the numbers but are not permitted to discuss them publicly. "Falcone waited until the end of the quarter to account for all the problems they are facing with LightSquared and that is clearly reflected in these numbers," one of the two investors said. For the year, the flagship fund is down about 12 percent, the source said.

This month, Falcone took significantly longer to say how he fared than most hedge fund managers who typically notify clients five business days after the end of the month. Indeed, several Falcone investors have said that he had irked them before by failing to describe in a timely manner his plans to revamp the fund by stocking it with LightSquared securities and that he took a loan from the portfolio to pay taxes.

Falcone's Harbinger Capital Down 17% [Reuters]
Related (...?): Lisa And Phil Falcone Have A Pig Who Can Play The Piano
**He's feeling dark this year.

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