EIC/Wall Street investigations
Matthew's Feed
May 19, 2012
via Unstructured Finance

UF Weekend Reads

The latest offerings by our Sam Forgione include a little Bridgewater, PIMCO and Jamie.

From National Journal:

Jim Tankersley airs Nick Hanauer’s championing of the middle class after Hanauer’s TED Talk was pulled.

May 15, 2012

Exclusive: Asset manager TCW looks to cash in on foreclosed homes

NEW YORK (Reuters) – TCW, a Los Angeles-based asset management firm, is looking to raise up to $250 million from investors for a fund that seeks to capitalize on the red-hot U.S. rental market for single-family homes.

A marketing brochure reviewed by Reuters bills the new fund, the TCW Home Place Partners fund, as an opportunity for wealthy investors to invest in the “housing turnaround” by buying foreclosed homes from banks and federal government agencies.

May 14, 2012

Carl Icahn: Chesapeake’s savior or a trader?

By Matthew Goldstein and Jennifer Ablan

(Reuters) – Billionaire activist investor Carl Icahn has been circling the embattled natural gas company Chesapeake Energy for weeks now.

Shares of Chesapeake rose sharply on Monday in part on media reports that Icahn, the well-known corporate raider, may be about to take a big stake in the company that is under fire for arranging a series of lucrative perks for its founder and chief executive officer, Aubrey McClendon.

May 13, 2012

LightSquared edges closer to bankruptcy filing-sources

May 13 (Reuters) – Philip Falcone’s telecom start-up
LightSquared edged closer to a bankruptcy filing o n
Su nday as the hedge fund manager was far from an agreement with
creditors, sources familiar with the matter said.

Falcone has until Monday at 5 p.m. EDT (2100 GMT) to reach
an agreement or face a default on a $1.6 billion loan, sources
said.

May 6, 2012

Icahn sells LightSquared debt, creditors extend talks-sources

NEW YORK, May 6 (Reuters) – Billionaire investor Carl Icahn
has sold his $250 million debt holdings in Philip Falcone’s
telecom start-up LightSquared [MOSAV.UL], while Falcone
continues to negotiate with creditors to avoid a debt default,
according to sources familiar with the matter.

News of Icahn’s debt sale comes as remaining creditors
agreed to a second week-long extension until May 14 of their
talks with Falcone about reducing his firm, Harbinger Capital
Partners’ 96 percent equity stake in LightSquared.

May 6, 2012

Icahn sells LightSquared debt, creditors extend talks-sources

NEW YORK, May 6 (Reuters) – Billionaire investor Carl Icahn
has sold his $250 million debt holdings in Philip Falcone’s
telecom start-up LightSquared [MOSAV.UL], while Falcone
continues to negotiate with creditors to avoid a debt default,
according to sources familiar with the matter.

News of Icahn’s debt sale comes as remaining creditors
agreed to a second week-long extension until May 14 of their
talks with Falcone about reducing his firm, Harbinger Capital
Partners’ 96 percent equity stake in LightSquared.

May 6, 2012

Exclusive: Icahn sells LightSquared debt, creditors extend talks: sources

NEW YORK (Reuters) – Billionaire investor Carl Icahn has sold his $250 million debt holdings in Philip Falcone’s telecom start-up LightSquared MOSAV.UL while Falcone continues to negotiate with creditors to try to avoid a debt default, according to sources familiar with the matter.

News of Icahn’s debt sale comes as remaining creditors agreed to a second week long extension until May 14 of their talks with Falcone about reducing his firm, Harbinger Capital Partners’ 96 percent equity stake in LightSquared.

May 6, 2012

Falcone’s LightSquared extends creditor talks another week

NEW YORK, May 6 (Reuters) – Creditors of hedge fund manager
Philip Falcone’s telecom start-up LightSquared have agreed to
extend talks a second week, avoiding a default for now on about
$1.6 billion of debt, according to a source familiar with the
matter.

The person, who asked not to be named, said on Sunday that
talks could continue until May 14 as LightSquared’s debt holders
had agreed to extend the deadline.

May 5, 2012
via Unstructured Finance

UF Weekend Reads

A dreary looking day in the NYC environs today, but that won’t overshadow birthday celebrations and other good news too cheer! A big shout to all UF members today. Oh, and fight for your right to party. Here then is Sam Forgione’s suggested readings.

 

From The New York Times:

A former managing director of Bain Capital has a telling beef with art-history majors.

Apr 30, 2012

LightSquared creditors eye equity, Falcone may cut role

NEW YORK (Reuters) – LightSquared creditors are pushing for Philip Falcone’s Harbinger Capital Partners to reduce its ownership stake in the money-losing telecommunications start-up as they extend talks to avoid declaring a loan default that would result in bankruptcy.

Falcone has told creditors he could reduce his own role in LightSquared if they hold off on declaring a loan default. On Sunday, Falcone and LightSquared creditors agreed to delay a default notice on a $1.6 billion loan for at least a week as they continue their talks.