Dewey & LeBoeuf LLP, which has lost more than a third of its partners in recent weeks, saw its merger and acquisition chief and a team of London litigators depart as the price of its bonds slumped in private trades.
LightSquared Inc., the wireless- network company backed by billionaire Philip Falcone, received a weeklong extension from its creditors, helping stave off a default, according to a person with knowledge of the matter.
Barnes & Noble Inc. urged investors to reject Ron Burkle ’s board nominees, accusing the billionaire and his proposed slate of participating in “some of the most spectacular technology and corporate failures in history.”
Billionaire Phil Falcone is seeking to swap spectrum owned by LightSquared Inc. with that controlled by the U.S. Department of Defense, a person with knowledge of the company said, in an effort to salvage his investment and save his hedge fund.
Philip Falcone may have to seek a buyer for LightSquared Inc.’s airwaves after regulators rejected his business plan. If he has to sell, the proceeds will probably be a fraction of what the billionaire invested.
Philip Falcone assured investors of his hedge fund that he’s only just begun the fight to build a high-speed wireless network, a plan rejected by U.S. regulators, said a person who was on the billionaire’s call with clients.
BP Plc and its billionaire partners in Russian oil venture TNK-BP asked a New York judge to throw out claims against them seeking more than $1 billion in damages over the alleged theft of an oil company.
Harbinger Capital Partners LLC, the New York-based hedge fund run by billionaire Phil Falcone, is seeking to sell shares in Brazilian iron-ore producer Ferrous Resources Ltd. to raise cash for loan repayments.