Philip Falcone to Finally Be Pulverized ... by Tractors?


For months now, the Harbinger Capital hedge funder has been assuring investors everything is fine, despite the fact that the SEC investigated him for borrowing $113 million from his company to pay taxes, and the fact that he had to mortgage his art collection. He's been trying to shore up support because investors in his $6 billion hedge fund have been fleeing by the billions. About half of the fund, which was once worth $26 billion after the subprime crisis, is invested in developing a new, superfast wireless network called LightSquared. But there's a problem. From the Post:

LightSquared proposed in a letter to the Federal Communications Commission a "middle ground" solution to complaints that the upstart will interfere with commercial navigation devices used by tractors, high-tech air-traffic controls and the military.

If they can't resolve the problem to the FCC's satisfaction, Harbinger's $2.9 billion investment in LightSquared could be all for naught. Can you imagine, Lisa Maria Falcone may lose her dress money just because of a few farmers, the air safety of our nation's airports, and our mere national security? That just doesn't seem right.

Falcone begs FCC [NYP]