New Frederick's Of Hollywood Owner Hopes To Do For Lingerie Brand What Phil Falcone Could Not

Though one could argue if Phil can't do it, no one can.
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Despite the fact that a 2010 profile of Falcone revealed his hockey teammates at Harvard nicknamed him "Fashion Phil" ("...he had a blue, three piece-suit that he wore often, and he always wore stylish shoes"), in addition to the fact that he's married to noted fashion plate Lisa Maria, whose out of the box approach to design is secondtonone, the money manager was unable to breathe new life into the brand. But no matter:

Jamie Salter’s Authentic Brands plans to take the twice-bankrupt lingerie brand — which veered toward the racier end of the market in the face of competition from Victoria’s Secret — more mainstream with the help of a retail partner, expansion into department stores and regular fashion shows...His plan for reviving Frederick’s, according to a source familiar with his thinking, involves a retail and wholesale partner — a deal is in the works — and models strutting at fashion shows as well as fresh content on Frederick’s website. Previously, the skimpy lingerie could only be bought in its own stores and online. Salter said in April that he could see reopening some stores as well as selling the sexy bras and panties in department stores. Frederick’s, which racked up $106 million in debt, was most recently owned by the Harbinger Group, Phil Falcone’s private equity firm.

Can Frederick’s of Hollywood become relevant again? [NYP]

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Who Wants To Invest In Phil Falcone's New Company?

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.

Phil Falcone Is Turning His Life Around

To put it lightly, the last couple years have been a rather dark time for Phil Falcone. Though his woes are too numerous to mention in full, they include: the adversity he's faced in getting people to believe in LightSquared; his unbelievably pissy investors, who still aren't over the time he borrowed $113 million from a gated fund to pay personal taxes, or offered to pay out redemptions in illiquid LightSquared equity; the Securities and Exchange Commission, which wants him banned from the industry for life; the woman who once offered a respite from it all, who now won't even come out of her room when she knows he's home; and, of course, the plunging returns in his once highly profitable hedge fund. It would be enough to make a grown man say 'Fuck, it. I'm done.' Put a few things in a sack, tie it to the blade of a hockey stick, and hitchhike back to Minnesota. But Phil didn't do that and now? After a merciless storm of shit that felt like it would never ease up? After long days of investors and regulators breathing down his neck and nights of having to pound on the front door because he was accidentally purposely locked out of the house? The tide feels like it's turning for Philip Falcone. Beleaguered hedge fund honcho Phil Falcone’s big bet on his own publicly traded entity, Harbinger Group, is helping to lift his troubled hedge fund, Harbinger Capital Management, out of the deep end. Falcone’s flagship fund posted returns of 10.6 percent in July and a whopping 28 percent gain in June. Of course, he's still down 5.8 percent year-to-date, and the the director of the SEC's division of enforcement wants hedge fund graduate schools to use Harbinger as a case study during the unit on "how to operate a hedge fund unlawfully," but tonight? Tonight he tells Lisa to treat herself to something nice. Tonight he tells Wilbur to pull the baby grand out of the closet, where it's sat untouched for months. Tonight his key works in the lock. Tonight we dance. Phil Helps Himself [NYP]

Phil Falcone Reveals Genius New Plan (Update)

LightSquared is a wireless venture that seeks to create “convenient connectivity for all." But those of you who've been keeping up know that to one man, it's so much more. That man, of course, being hedge fund manager Phil Falcone. LightSquared is his dream. His baby. His world. His everything. And, because he has poured his heart, soul, and firm's money into LightSquared, it is also the thing that stands to make or break Harbinger Capital. Success will mean billions for Falcone and his investors. Failure will mean Wilbur Falcone selling her eggs to a barren couple willing to pay top dollar for the DNA of a blue-eyed classically trained singer with an IQ of 150 and legs like Tina Turner. Unfortunately, things have not been going so well for LightSquared. The yachting community worries that GPS interference caused by LS will result in boats getting lost at sea. The National Oceanic and Atmospheric Administration says LightSquared“may degrade precision services that track hurricanes, guide farmers and help build flood defenses.” The FAA put out a study that estimates LS could “cost 794 lives in aviation accidents over 10 years with disruptions to satellite-aided navigation.” The only person defending the thing (besides Phil) is Karl Rove. Meanwhile, the SEC wants to see Falcone banned from the industry, Bloomberg News has put a reporter on the "Phil Falcone Pit Stains" beat, and his investors, for the most part, despise him for petty reasons that no rational adults would ever get upset about, like borrowing $113 million from a gated fund in order to pay personal taxes and tying up much of their capital in a side project building walkie-talkies that might not pan out on account of the growing opinion that it might kill a few people. At this time, a lesser man might decide to cut his losses and/or look within and say "Maybe my investors aren't the problem, maybe I'm the problem." Phil Falcone is no such man. He's figured out a few things and what they boil down to is that his impatient, pissy investors are what is standing in the way of LightSquared soaring, which it will, when it is ready. And if those pricks won't agree to stick around for an investment time horizon of inifinty, he'll find people who will. Harbinger Capital Partners' Philip Falcone, speaking at the SALT hedge-fund conference Wednesday in Las Vegas, hinted at an initial public offering, CNBC's Kate Kelly reported. "Harbinger is actually considering getting more permanent capital," Falcone said, according to Kelly, who said it suggests a potential IPO. "I'm moving toward a more permanent capital vehicle. We need to focus more on control," Falcone said, according to Kelly. No one said going from not having the cash to cover taxes to $25 billion was going to be easy. Harbinger's Falcone hints at potential IPO -CNBC [MarketWatch] Update: Falcone claims to have no idea what CNBC is talking about (asking Fox Business, "What the fuck would I IPO?")

Phil Falcone Maintains 'Absolute Lawfulness' Of Lending Himself A Hundred Mill From Investor Fund

Remember, back in 2009, when Phil Falcone realized he'd forgotten to set aside enough cash to cover his taxes and came up with the idea to loan himself the money from a gated investor fund? And investors got all bent out of shape about it and the SEC did too? If the former was looking for some sort of an apology and the latter was looking for some show of groveling (in an attempt to avoid paying a fine/have a judge rule he can't come within 200 feet of a public company sorry), sorry, 'cause Phil's not sorry.