Phil Falcone of Harbinger Capital told investors this week his distressed credit fund returned 11.6 percent year to date.
This guest article is by Philip Falcone, the founder of Harbinger Capital Partners, a private investment fund based in New York.
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It reached an agreement last year with LightSquared, which is backed by Philip Falcone's Harbinger Capital Partners, to suspend payments until 2014.
First it was disclosed that the Securities and Exchange Commission was threatening his company, Harbinger Capital Partners, with possible civil fraud charges.
LightSquared, which is backed by the private equity firm Harbinger Capital Partners, aims to construct a nationwide network that uses the fourth-generation (4G) technology LTE.
Only days after Cleveland-Cliffs announced a banner deal to pick up Alpha Natural Resources, Harbinger Capital Partners, the company's largest shareholder, has come out against the acquisition.
More recently, he has refused to cash out partners in his Harbinger Capital Fund who would like their money back other than by giving them shares in LightSquared whether they want them or not.
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The company's acquisition attempts since, including an attempt to buy into Harbinger Capital LLC's high-speed wireless network, have been quashed due to security-related concerns as well, according to a report by the U.S.-China Economic and Security Review Commission.
Falcone now seems to be focused on permanent capital vehicles like Harbinger Group.
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In fact, Falcone had already moved his financial career into the management of permanent capital vehicles like Harbinger Group, a corporate shell that was once used by U.S. President George H.
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Mark Parr of KeyBanc Capital Markets noted that Harbinger had bought an additional 750, 000 shares of Cleveland-Cliff stock Wednesday--which would indicate support--before coming out late-Thursday with its opposition.
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