LightSquared: Phil Falcone's Dream Fades

Creditors challenge for control of LightSquared
Photograph by APCO Worldwide/Bloomberg

When hedge fund manager Phil Falcone made a fortune with winning bets against subprime mortgages, he wasn’t shy about flaunting his wealth. In 2008, the year his Harbinger Capital Partners peaked at $26 billion in assets, he and his wife Lisa spent $49 million on a 27-room mansion near Central Park once owned by Penthouse publisher Bob Guccione. In 2009, Lisa grabbed a microphone at a charity event and announced a spontaneous $10 million donation to New York’s High Line park.

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