Inmarsat sends default notice to Lightsquared; Harbinger investorssuing

Discussion in 'Global Navigation Satellite Systems' started by Alan Browne, Feb 21, 2012.

  1. Alan Browne

    Alan Browne Guest

    Default notice:
    http://blogs.wsj.com/deals/2012/02/21/lightsquared-bad-news-keeps-coming/

    Sued:
    http://www.businessweek.com/news/20...alcone-sued-over-lightsquared-investment.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).
     
    Alan Browne, Feb 21, 2012
    #1
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  2. Re: Inmarsat sends default notice to Lightsquared; Harbinger investors suing

    On Tue, 21 Feb 2012 17:19:01 -0500, Alan Browne
    <> wrote:

    >
    >Default notice:
    >http://blogs.wsj.com/deals/2012/02/21/lightsquared-bad-news-keeps-coming/
    >
    >Sued:
    >http://www.businessweek.com/news/20...alcone-sued-over-lightsquared-investment.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.
     
    Lawrence Glickman, Feb 21, 2012
    #2
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  3. Alan Browne

    HIPAR Guest

    Re: Inmarsat sends default notice to Lightsquared; Harbingerinvestors suing

    On Feb 21, 5:37 pm, Lawrence Glickman <>
    wrote:
    > On Tue, 21 Feb 2012 17:19:01 -0500, Alan Browne
    >
    >
    >
    >
    >
    >
    >
    >
    >
    > <> wrote:
    >
    > >Default notice:
    > >http://blogs.wsj.com/deals/2012/02/21/lightsquared-bad-news-keeps-com...

    >
    > >Sued:
    > >http://www.businessweek.com/news/2012-02-21/harbinger-capital-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
     
    HIPAR, Feb 22, 2012
    #3
  4. Re: Inmarsat sends default notice to Lightsquared; Harbinger investors suing

    On Tue, 21 Feb 2012 17:38:36 -0800 (PST), HIPAR <>
    wrote:

    >On Feb 21, 5:37 pm, Lawrence Glickman <>
    >wrote:
    >> On Tue, 21 Feb 2012 17:19:01 -0500, Alan Browne
    >>
    >>
    >>
    >>
    >>
    >>
    >>
    >>
    >>
    >> <> wrote:
    >>
    >> >Default notice:
    >> >http://blogs.wsj.com/deals/2012/02/21/lightsquared-bad-news-keeps-com...

    >>
    >> >Sued:
    >> >http://www.businessweek.com/news/2012-02-21/harbinger-capital-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
     
    Lawrence Glickman, Feb 22, 2012
    #4
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