Falcone’s Harbinger Loses Appeal Over Northern Rock Stake Value
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Harbinger Capital Partners LLC lost a U.K. appeal seeking compensation for a stake in Northern Rock Asset Management Plc that was valued as worthless when the British lender was nationalized in 2008.
Philip Falcone’s hedge fund had argued its shares were worth as much as 400 million pounds ($622 million). Judge John Mummery upheld the decision today of a lower court. Andrew Caldwell, an independent assessor from the accounting firm BDO International, had determined there was no value in the shares.