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Heartbreak for Harbinger

March 01, 2012  

 
  Philip Falcone (Photograph by Apco Worldwide via Bloomberg)
Philip Falcone’s bet-the-farm investment in mobile broadband service LightSquared suffered a major setback when the government said the company could not build its wireless network as planned because of interference with Global Positioning System users. That’s after his Harbinger Capital Partners’ flagship fund fell 46.6 percent in 2011, largely because of LightSquared write-downs, according to reports. One investor is even suing: Lili Schad, an American filmmaker, claimed Harbinger did not disclose the size of its position in LightSquared and potential regulatory problems. Falcone called the decision politically motivated and vowed to press on with his plan.


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