Philip Falcone, who once ran one of the biggest hedge funds in the industry, reached a settlement with regulators that bars him from investing client money for at least two years, while allowing him to run a company modeled on Warren Buffett’s Berkshire Hathaway Inc.
Federal Communications Commission Chairman Julius Genachowski said he expects LightSquared Inc. to eventually win approval for using its airwaves, after it was blocked by the regulators on concern they would interfere with global-positioning system signals.
Coda Holdings Inc., parent of the electric-car maker backed by billionaire Philip Falcone, filed for bankruptcy and will seek to sell its assets to a group led by a Fortress Investment Group LLC unit for $25 million.
Until April 2011, Patrick “Pete” Dodd, a former money manager at Liberty Life Insurance Co. in Greenville, South Carolina, invested customer premiums in what he calls a “squeaky clean” portfolio: bonds backed by state governments and blue chip corporations.
Income Partners Asset Management (H.K.) Ltd., a $1.3 billion credit hedge-fund manager, is moving away from investments in less-frequently traded assets, prompting the departure of one of its three partners.
Hedge-fund manager Philip Falcone, beset by declining assets, federal securities regulators and the bankruptcy of his largest investment, is borrowing money against personal real estate he bought during better days.
In early 2009, hedge-fund manager Philip Falcone was living the life of a newly made billionaire. He had started extensive renovations on a $49 million Manhattan mansion once owned by Penthouse publisher Bob Guccione. He traveled on a private jet, employed body guards and funded his wife Lisa’s new career as a film producer.