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Inmarsat sends default notice to Lightsquared; Harbinger investorssuing

 
 
Alan Browne
Guest
Posts: n/a
 
      02-21-2012, 10:19 PM

Default notice:
http://blogs.wsj.com/deals/2012/02/2...-keeps-coming/

Sued:
http://www.businessweek.com/news/201...nvestment.html

QUOTE
Schad alleged that Harbinger allowed some “favored investors,” including
Goldman Sachs Group Inc., to redeem their investments on terms
unavailable to others. She said that in 2009 Harbinger let Goldman Sachs
redeem a $50 million investment in the fund.
/QUOTE
QUOTE
... also claims she wasn’t informed that LightSquared’s plan to build
the network faced obstacles from U.S. regulators.
/QUOTE

QUOTE
The U.S. Securities and Exchange Commission and Justice Department are
investigating him [Falcone] over alleged violations of securities law.
He’s had to borrow $190 million from Jefferies Group Inc. with an
effective interest rate of 24 percent, has investor cash tied up in an
iron-ore company in Brazil that he’s now trying to sell and posted
record losses last year. Falcone has denied any wrongdoing.
/QUOTE

--
"We demand rigidly defined areas of doubt and uncertainty."
Douglas Adams - (Could have been a GPS engineer).

 
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Lawrence Glickman
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Posts: n/a
 
      02-21-2012, 10:37 PM
On Tue, 21 Feb 2012 17:19:01 -0500, Alan Browne
<(E-Mail Removed)> wrote:

>
>Default notice:
>http://blogs.wsj.com/deals/2012/02/2...-keeps-coming/
>
>Sued:
>http://www.businessweek.com/news/201...nvestment.html
>
>QUOTE
>Schad alleged that Harbinger allowed some “favored investors,” including
>Goldman Sachs Group Inc., to redeem their investments on terms
>unavailable to others. She said that in 2009 Harbinger let Goldman Sachs
>redeem a $50 million investment in the fund.
>/QUOTE
>QUOTE
>... also claims she wasn’t informed that LightSquared’s plan to build
>the network faced obstacles from U.S. regulators.
>/QUOTE
>
>QUOTE
>The U.S. Securities and Exchange Commission and Justice Department are
>investigating him [Falcone] over alleged violations of securities law.
>He’s had to borrow $190 million from Jefferies Group Inc. with an
>effective interest rate of 24 percent, has investor cash tied up in an
>iron-ore company in Brazil that he’s now trying to sell and posted
>record losses last year. Falcone has denied any wrongdoing.
>/QUOTE


Mr Madoff, allow me to introduce Mr Falcone.

Mr Falcone, please meet Mr Madoff.

I'm sure you two have much to discuss, so I'll leave you two alone.
If you need anything, ring me.



 
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HIPAR
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Posts: n/a
 
      02-22-2012, 01:38 AM
On Feb 21, 5:37*pm, Lawrence Glickman <(E-Mail Removed)>
wrote:
> On Tue, 21 Feb 2012 17:19:01 -0500, Alan Browne
>
>
>
>
>
>
>
>
>
> <(E-Mail Removed)> wrote:
>
> >Default notice:
> >http://blogs.wsj.com/deals/2012/02/2...news-keeps-com...

>
> >Sued:
> >http://www.businessweek.com/news/201...apital-falcone...

>
> >QUOTE
> >Schad alleged that Harbinger allowed some “favored investors,” including
> >Goldman Sachs Group Inc., to redeem their investments on terms
> >unavailable to others. She said that in 2009 Harbinger let Goldman Sachs
> >redeem a $50 million investment in the fund.
> >/QUOTE
> >QUOTE
> >... also claims she wasn’t informed that LightSquared’s plan to build
> >the network faced obstacles from U.S. regulators.
> >/QUOTE

>
> >QUOTE
> >The U.S. Securities and Exchange Commission and Justice Department are
> >investigating him [Falcone] over alleged violations of securities law.
> >He’s had to borrow $190 million from Jefferies Group Inc. with an
> >effective interest rate of 24 percent, has investor cash tied up in an
> >iron-ore company in Brazil that he’s now trying to sell and posted
> >record losses last year. Falcone has denied any wrongdoing.
> >/QUOTE

>
> Mr Madoff, allow me to introduce Mr Falcone.
>
> Mr Falcone, please meet Mr Madoff.
>
> I'm sure you two have much to discuss, so I'll leave you two alone.
> If you need anything, ring me.


While his investors are losing their shirts we can all rest assured Mr
Falcone will continue to live 'High on the hog'. Oh, make that, 'High
on his pet pig'.

--- CHAS

 
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Lawrence Glickman
Guest
Posts: n/a
 
      02-22-2012, 03:00 AM
On Tue, 21 Feb 2012 17:38:36 -0800 (PST), HIPAR <(E-Mail Removed)>
wrote:

>On Feb 21, 5:37*pm, Lawrence Glickman <(E-Mail Removed)>
>wrote:
>> On Tue, 21 Feb 2012 17:19:01 -0500, Alan Browne
>>
>>
>>
>>
>>
>>
>>
>>
>>
>> <(E-Mail Removed)> wrote:
>>
>> >Default notice:
>> >http://blogs.wsj.com/deals/2012/02/2...news-keeps-com...

>>
>> >Sued:
>> >http://www.businessweek.com/news/201...apital-falcone...

>>
>> >QUOTE
>> >Schad alleged that Harbinger allowed some “favored investors,” including
>> >Goldman Sachs Group Inc., to redeem their investments on terms
>> >unavailable to others. She said that in 2009 Harbinger let Goldman Sachs
>> >redeem a $50 million investment in the fund.
>> >/QUOTE
>> >QUOTE
>> >... also claims she wasn’t informed that LightSquared’s plan to build
>> >the network faced obstacles from U.S. regulators.
>> >/QUOTE

>>
>> >QUOTE
>> >The U.S. Securities and Exchange Commission and Justice Department are
>> >investigating him [Falcone] over alleged violations of securities law.
>> >He’s had to borrow $190 million from Jefferies Group Inc. with an
>> >effective interest rate of 24 percent, has investor cash tied up in an
>> >iron-ore company in Brazil that he’s now trying to sell and posted
>> >record losses last year. Falcone has denied any wrongdoing.
>> >/QUOTE

>>
>> Mr Madoff, allow me to introduce Mr Falcone.
>>
>> Mr Falcone, please meet Mr Madoff.
>>
>> I'm sure you two have much to discuss, so I'll leave you two alone.
>> If you need anything, ring me.

>
>While his investors are losing their shirts we can all rest assured Mr
>Falcone will continue to live 'High on the hog'. Oh, make that, 'High
>on his pet pig'.
>
>--- CHAS


Civil lawsuits on behalf of his investors are sure to come:

"On Friday, a group of investors sued Falcone and Harbinger in
Manhattan federal court, arguing the “all in” investment in
LightSquared had squandered billions."
( for our math-challenged, that's '_thousands_ of millions')

and this:

"Inmarsat said Monday it hasn't’t received a $56.3 million payment
from LightSquared as per its cooperative agreement"

http://www.readability.com/articles/6eftw9sq

And can you imagine paying 24% interest on a $190 million loan from
Jefferies Group Inc.? Since he can't get any Venture Capital now that
the Securities and Exchange Commission is on his case, how is he not
going to default on that loan also?

I think it is going to be a Rough Ride for Falcone from here on out.
And he can't liquidate his iron mine because it is losing more money
than it is taking in.

He's finished, all except for the paperwork. And good riddance to
him.

Lg

 
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