Hedge fund boss to cut LightSquared role
Stephen Foley is a former Associate Business Editor of The Independent, based in New York. He left in August 2012. In a decade at the paper, he covered personal finance, the UK stock market and the pharmaceuticals industry, and had also been the Business section's share tipster. Between arriving with three suitcases in Manhattan in January 2006 and his departure, he witnessed and reported on a great economic boom turning spectacularly to bust. In March 2009, he was named Business and Finance Journalist of the Year at the British Press Awards.
Tuesday 01 May 2012
The hedge fund manager Philip Falcone has agreed to scale back his role at the tottering wireless internet venture LightSquared as he fights to save the company from bankruptcy.
Mr Falcone's Harbinger Capital has sunk around $3bn (£1.8bn) into LightSquared, only to find that US regulators blocked its plans because they risked interfering with important GPS systems.
LightSquared's creditors yesterday agreed to a one-week extension of talks. Harbinger owns 94 per cent of LightSquared; the company's creditors include some of Mr Falcone's biggest hedge fund rivals.
The creditors demanded that he reduce his role at LightSquared over time, saying it would be easier to negotiate with US regulators without him. Mr Falcone waged a bitter war of words with the Federal Communications Commission and with lobbyists for the users of GPS services, saying the solution to any interference problem was to make GPS services live within their allotted bandwidth.
He agreed that his position as a director of LightSquared would be only temporary. "The board and the company need telecom and industry veterans, not hedge-fund managers," The Wall Street Journal reported.
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