Falcone’s wireless plan relies on hedge fund assets
Thursday, August 5, 2010 : PermalinkReuters – Money manager Philip Falcone is effectively mortgaging a significant chunk of his multibillion-dollar hedge funds’ assets in an effort to raise financing for an ambitious plan to construct a high-speed wireless network.
Investment bank UBS, which is trying to line up investors willing to loan up to $400 million (252 million pounds) to Falcone’s satellite-based wireless venture, recently filed a financing document that reveals Falcone’s flagship Harbinger Capital Partners fund is pledging billions of dollars in stock, bonds, corporate loans and other assets as collateral for the deal.
