Philip Falcone, one of Wall Street's most prominent distressed-debt investors, has just received a dose of his own medicine from a veteran in the field, Carl Icahn, reports the Wall St Journal. Mr. Icahn has been quietly buying up debt of Mr. Falcone's wireless-network company LightSquared Inc., according to people familiar with the matter, swooping in after the debt plunged in value late last year amid regulatory delays.
'Carl is certainly entitled to his opinion, as I am entitled to disagree with it.' —Philip Falcone
The move could enable Mr. Icahn to have a say in the running of the troubled company, putting him on a collision course with Mr. Falcone. The entrance of Mr. Icahn adds to a list of headaches for Mr. Falcone as he fights for regulatory approvals that would let LightSquared set up service. LightSquared said Wednesday that it has only enough cash to last the next few quarters….
Find out more at http://online.wsj.com/article/SB10001424052970203750404577170764098949588.html
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