Falcone’s Harbinger Capital Hedge Fund Down 47% In 2011
2011 was a brutal year for hedge funds, averaging a miserable -4% return for investors. Billionaire Phil Falcone was no exception as his huge bet on LightSquared dragged performance down to a whopping -47% on the year. Most of the decline in the Harbinger Capital Partners Offshore Fund I came from Falcone’s investment in LightSquared Inc., which plans to offer high-speed data service to as many as 260 million people. The Reston, Virginia-based company is awaiting final clearance from the Federal Communications Commission as regulators weigh test results that show the service’s signals disrupt global-positional system equipment used by cars, … Read more