Phil Falcone’s Harbinger Capital Partners LLC lost 47 percent for investors in his main hedge fund last year as he was forced to slash the value of his troubled wireless venture by more than half, a person familiar with the results told the good people at Bloomberg.
Most of the decline in the Harbinger Capital Partners Offshore Fund I came from Falcone’s investment in LightSquared Inc., which plans to offer high-speed data service to as many as 260 million people. The Reston, Virginia-based company is awaiting final clearance from the Federal Communications Commission as regulators weigh test results that show the service’s signals disrupt global-positional system equipment used by cars, tractors, boats and planes…
Wait, wait...there's more at http://www.bloomberg.com/news/2012-02-03/falcone-s-harbinger-capital-lost-47-last-year-on-lightsquared-venture-bet.html
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