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12, 2011, the National Telecommunications and Information Administration wrote that the plan to use airwaves reserved mainly for satellite communications raised “significant interference concerns.” Deputy Defense Secretary William Lynn, then the Pentagon’s No. 2, 2010, that there was “increasing concern” in the industry about LightSquared signals interfering with GPS devices. wireless carriers.ĪT&T said in a letter to the FCC on Dec. and Verizon Communications Inc., the two biggest U.S. The waiver would let phones, tablets and computers work off nearby towers rather than distant satellites, allowing LightSquared to compete with AT&T Inc. They objected after he sought a waiver from the FCC in November 2010 to lift a requirement that devices using his network communicate with satellites. GPS users and government officials weren’t keen on getting out of Falcone’s way. and Sears, Roebuck & Co., the combined company, Sears Holdings Corp., has tumbled 46 percent. After orchestrating a 2004 merger between his two biggest holdings, retail icons Kmart Holding Corp. Most hedge fund managers have shunned illiquid holdings since the 2008 financial crisis, when they were forced to block client redemptions to avoid a fire sale.Įddie Lampert, who runs Greenwich, Connecticut-based ESL Investments Inc., is one of the few billion-dollar hedge-fund managers to have taken a bet as concentrated as Falcone’s. “That leads to unrealistic optimism, increased risk-taking and decreased inhibitions.” “People of status and power have an illusory sense they can control more than they do,” said Pettit.
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Stern School of Business who has done research on how status colors judgment. “There should have been constraints on risk and concentration of the investments.”įalcone’s doubling down on LightSquared fits a pattern, said Nathan Pettit, an assistant professor of management at New York University’s Leonard N. “This has been nothing but a complete mismanagement of the fund,” said Peter Rup, chief investment officer of New York- based Artemis Wealth Advisors LLC, which invests in hedge funds for clients and doesn’t have any money in Harbinger. Lew Phelps, a spokesman for Harbinger, said the fund will respond once an amended complaint is filed next month. He was sued in federal court in February by Lili Schad, a Wallkill, New York, resident who said she invested $4 million with Harbinger and wasn’t told how much of the fund’s money went into LightSquared or that its plan faced obstacles from regulators. Some investors have lost patience with Falcone’s vision to build a 4G network. “I still believe that we had a great, and we still do have a great vision.” “I am not losing sleep on this - why would I lose sleep?” he said.
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He sports a beaded rainbow- colored bracelet on his right wrist and purple and pink one on his left, gifts from his twin, 7-year-old daughters. Dressed in a blue Domenico Vacca shirt and gray pinstripe pants, he wears his collar-length hair in the same style as when he played center on Harvard’s hockey team in the early 1980s. And now you’re not letting me build out the network?”įalcone doesn’t look besieged. “You mandate me to build out a network as a condition to buying the company, so I go and buy the company. “What’s happening is quite frankly outrageous, it’s un- American, it’s unfair,” Falcone said during the interview. Solicitor General Theodore Olson, to make the case that the government changed the rules and undermined his business. He said he’s considering a legal campaign, hiring lawyers including former U.S.
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Article contentįalcone’s spectrum investment accounts for about 40 percent of his main hedge fund. This advertisement has not loaded yet, but your article continues below.