Phil Falcone, founder of Harbinger Capital Partners, has made and lost billions with bets on mortgages and iron mines. Now, in a bid to build a new broadband network, he’s blasting investors money into space.
Centerbridge Partners LP, a New York-based private-equity firm, is teaming up with Phil Falcone’s Harbinger Capital Partners and Fortress Investment Group LLC to acquire LightSquared Inc. for $3.3 billion, according to a person familiar with matter.
Phil Falcone, whose hedge fund Harbinger Capital Partners LLC has invested about $3 billion in a wireless venture that’s fighting to avert bankruptcy, said investors are passing up good illiquid investments.
Senator Orrin Hatch is pushing an overhaul of public pensions that would let life insurers grab a bigger share of the $3 trillion in state and local funds, a potential windfall for companies such as MetLife Inc. and Prudential Financial Inc.
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.
Jefferies Group Inc. has been trying to spread the risk of a $190 million loan to Phil Falcone’s Harbinger Capital Partners LLC by offering a syndication deal with an unusual caveat: it defaults if Falcone is indicted.