Not so grim news: Here Are All The Awesome Lifestyle Perks Phil Falcone Is Still Hanging On To Even Though His Fund Is Down $23 Billion

Later for the pity party. According to Businessweek at least $850 million of Falcone’s own money was at risk in Harbinger’s main fund as of Aug. 31, loan documents show, and Falcone has written down the value of LightSquared’s spectrum by 70 percent, or about $2 billion, in the past year, according to people familiar with the fund who asked not to be identified because the valuations are private….

He has halted construction on a house near the beach in Sagaponack on the eastern end of Long Island, where he owes his former contractor $1.2 million, according to a lien filed last month in Suffolk County. Falcone said he dismissed the contractor because of delays. Renovations on a 27-room mansion near Central Park once owned by former Penthouse publisher Bob Guccione that he and his wife Lisa bought in 2008 for $49 million should be completed next year, he said...

….Falcone doesn’t look besieged. Dressed in a blue Domenico Vacca shirt and gray pinstripe pants, he wears his collar-length hair in the same style as when he played center on Harvard’s hockey team in the early 1980s. He sports a beaded rainbow- colored bracelet on his right wrist and purple and pink one on his left, gifts from his twin, 7-year-old daughters….

Read about the rest at http://www.businessweek.com/news/2012-04-16/falcone-lightsquared