Phil Falcone Suffers Biggest Indignity Yet

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Sure, he's suffered a lot of them over the past few years, what with having to constantly defend his passion project, LightSquared, to the naysayers (and there have been many), being banned from the securities industry for half a decade, and living next door to people who don't appreciate the commitment he brings to the table re: scaring the shit out passersby on Halloween. But this latest one? Wherein he wasn't invited to lace up his old skates and participate in the Harvard v. Yale alumni hockey game going down Saturday night at Madison Square Garden? It's clearly the the harshest, core-cutting-est one to date, by far.

Longtime rivals Yale and Harvard will face off in a highly anticipated hockey game on Saturday night at Madison Square Garden, for the second annual "Rivalry on Ice." And since Wall Street is brimming with Yale and Harvard grads, a bunch of financial professionals are getting together Saturday morning at Chelsea Piers to have their own Harvard versus Yale alumni game before the student match that night. The Harvard alumni team includes Brad Kwong (Harbinger Capital), Bobby Clark (Detwiler Fenton), James Coady (Sentinel Partners), Bryan Lonsinger (RBC Capital), Ben Storey (BMO), PO Michaud (Goldman Sachs), Ted Tutun (Jefferies), and Harry Schwefel (Point72 Asset Management).

We're just going to assume his invite was lost in the mail. Or that he was in fact approached, but mercifully declined so as to not embarrass the other players with his grossly superior skills. Maybe consider practicing your shot 6 hours a day with an overturned trash can and crumbled up wad of paper and you could one day approach his level of play.

Wall Street Is Having Its Own Harvard Vs. Yale Hockey Game [BI]

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Harbinger Global Corp is coming to an exchange near you. Phil Falcone, the embattled billionaire hedge fund manager, has put together an unorthodox IPO that will see his hedge fund firm contribute assets valued at $350 million to a blank check company that will trade publicly. In the deal, a special purpose acquisition company that is expected to trade on Nasdaq and be known as Harbinger Global Corp., will acquire a majority interest in an MGM-branded hotel and casino development in Vietnam and a minority interest in an iron ore producer working in Brazil. Funds run by Falcone’s Harbinger Capital Management that are contributing the assets will get an ownership stake that could be as high as 96% in Harbinger Global and Falcone is slated to become executive chairman of the company. Falcone’s move to become closely involved in a publicly-traded company is audacious given that he is currently facing securities fraud charges from the Securities & Exchange Commission. Yeah, well, people also thought it was audacious for him to invite a burlesque dancing pig he barely knew to come and live with him and she turned out to be the best thing that ever happened to him, so.