Jeez, it's been a rough week for Philip Falcone. The Wall St Journal says that the hedge-fund manager who poured billions of dollars into a plan by LightSquared Inc. to build a new national wireless network found out Tuesday that federal regulators had moved to block it, saying it was likely to interfere with Global Positioning System devices.
That left investors in his hedge fund, Harbinger Capital Partners, which had provided much of the funding, wondering what would become of their money. On Friday morning, addressing those investors in an hourlong conference call, Mr. Falcone offered no details on how he planned to overcome the setback…
Read more at http://online.wsj.com/article/SB10001424052970204792404577229541050269900.html?mod=WSJ_business_LeadStoryCollection
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