harbinger capital

‘s Fund Lockups Add Fuel To The Fire

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Phil Falcone is struggling.  Not in normal person terms as he’s still a billionaire, but you can strike the ‘multi’ from the front of that this year.  After suffering 47% losses in 2011, Falcone was forced to lock up his client’s money in light of his failed LightSquared endeavor which was wrecked by US regulations.  Many of his clients are frustrated with performance, resulting in a recent lawsuit filing against Harbinger Capital over “deceptive and misleading statements” made while raising money for the fund.  It seems like Phil has some serious unwinding of investments ahead, along with some deft PR … Read more

Falcone’s Harbinger Capital Hedge Fund Down 47% In 2011

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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