Phil Falcone Hasn't Given Up On LightSquared
...and he hopes investors haven't either, not that they have much choice in the matter. If recent performance has been tough to take, comfort thyself with the fact that when it comes to revolutions, things often get worse before they get better. Falcone is now giving this bitch 150% of his time and its genius will reveal itself when it's ready.
Hedge fund manager Philip Falcone's clients got another dose of bad news when the billionaire investor said his flagship fund lost 29.6 percent in February largely because of ailing telecommunications company LightSquared Inc...Falcone often takes his time, relative to other hedge fund managers, in releasing monthly performance numbers...Falcone, who has bank rolled the company by having invested over $3 billion, held out hope for LightSquared's future when he told investors on an investor call in mid-February that he remained committed to the project.
[Reuters]