EIC/Wall Street investigations
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Mar 31, 2011

Falcone-backed telecom hires top Democrat to lobby

NEW YORK, March 31 (Reuters) – Billionaire hedge fund manager
Philip Falcone’s upstart wireless telecom investment recently hired
former Pennsylvania Governor Edward Rendell as a lobbyist.

Rendell, a prominent Democratic politician and a political
commentator for the cable news channel MSNBC, registered last month
as a lobbyist for LightSquared, a Virginia-based company that is
backed by Falcone’s $6 billion Harbinger Capital Partners hedge
fund.

Mar 31, 2011

Falcone-backed telecom hires top Democrat to lobby

NEW YORK, March 31 (Reuters) – Billionaire hedge fund manager
Philip Falcone’s upstart wireless telecom investment recently hired
former Pennsylvania Governor Edward Rendell as a lobbyist.

Rendell, a prominent Democratic politician and a political
commentator for the cable news channel MSNBC, registered last month
as a lobbyist for LightSquared, a Virginia-based company that is
backed by Falcone’s $6 billion Harbinger Capital Partners hedge
fund.

Mar 30, 2011

FISAM Capital hedge fund closes

NEW YORK, March 30 (Reuters) – FISAM Capital, a
tech-focused hedge fund founded by a former top trader with SAC
Capital Advisors, closed its doors a few weeks ago after a
large investor redeemed its money, said three people familiar
with the situation.

Stefan Frank, a former portfolio manager with Steven
Cohen’s SAC Capital Advisors, founded FISAM in November 2009.
The fund managed a little under $100 million, and after Frank
received the redemption request he found it difficult to keep
trading, these sources said.

Mar 21, 2011

Falcone pays back hedge fund loan

NEW YORK, March 21 (Reuters) – Billionaire trader Philip
Falcone recently rid himself of a headache when he paid off the
balance of a controversial $113 million loan he had taken from
his hedge fund, public records reveal.

On March 11, lawyers for Falcone’s Harbinger Capital
Partners filed a formal “termination” notice for the loan with
the New York State Department of Corporations.

Mar 11, 2011

OMG! Dan Loeb said what?

NEW YORK (Reuters) – It was the summer of 2006 and hedge fund manager Daniel Loeb was having difficulty containing his very harsh feelings towards Fairfax Financial, the Canadian insurance giant, and its CEO, Prem Watsa.

Loeb’s New York-based fund, Third Point LLC, had placed a big bet that the shares and bonds of Fairfax and its subsidiaries would tumble. He was looking forward to cashing in his hedge fund’s chips, if and when some bad news rocked Fairfax. And he shared that enthusiasm with another hedge fund manager, in a fairly graphic email message that recently surfaced in a five-year-old civil lawsuit filed by Fairfax against Loeb and other prominent hedge fund managers.

Mar 11, 2011

Special Report: OMG! Dan Loeb said what?

NEW YORK (Reuters) – It was the summer of 2006 and hedge fund manager Daniel Loeb was having difficulty containing his very harsh feelings toward Fairfax Financial, the Canadian insurance giant, and its CEO, Prem Watsa.

Loeb’s New York-based fund, Third Point LLC, had placed a big bet that the shares and bonds of Fairfax and its subsidiaries would tumble. He was looking forward to cashing in his hedge fund’s chips, if and when some bad news rocked Fairfax. And he shared that enthusiasm with another hedge fund manager, in a fairly graphic email message that recently surfaced in a five-year-old civil lawsuit filed by Fairfax against Loeb and other prominent hedge fund managers.

Mar 11, 2011

SPECIAL REPORT: OMG! Dan Loeb said what?

NEW YORK, March 11 (Reuters) – It was the summer of 2006
and hedge fund manager Daniel Loeb was having difficulty
containing his very harsh feelings towards Fairfax Financial
(FFH.TO: Quote, Profile, Research), the Canadian insurance giant, and its CEO, Prem
Watsa.

Loeb’s New York-based fund, Third Point LLC, had placed a
big bet that the shares and bonds of Fairfax and its
subsidiaries would tumble. He was looking forward to cashing in
his hedge fund’s chips, if and when some bad news rocked
Fairfax. And he shared that enthusiasm with another hedge fund
manager, in a fairly graphic email message that recently
surfaced in a five-year-old civil lawsuit filed by Fairfax
against Loeb and other prominent hedge fund managers.

Mar 7, 2011

Reporters caught in US fund lawsuit crossfire

NEW YORK, March 7 (Reuters) – Some well-known business
journalists are getting caught in the legal crossfire between a
Canadian insurer and a group of hedge funds it accuses of
betting against its shares.

Last month, in a little-noticed move, Daniel Loeb, one of
several prominent hedge fund managers sued by Fairfax Financial
(FFH.TO: Quote, Profile, Research, Stock Buzz), served subpoenas on a number of journalists seeking
to take their depositions in the now five-year-old litigation.

Mar 1, 2011

Falcone allows ‘direct investments’ in LightSquared

NEW YORK/BOSTON, March 1 (Reuters) – Billionaire trader
Philip Falcone is restructuring his hedge fund’s
multibillion-dollar investment in LightSquared to make it
easier to make “direct investments” in the upstart wireless
telecommunications company.

Falcone announced the restructuring on Friday in an email
to his Harbinger Capital Partner investors. The email, which
Reuters obtained, said the plan “will facilitate direct
investments by existing and prospective investors in the master
fund’s holdings in LightSquared and the management of such
holdings.”

Feb 23, 2011

Special Report: Is Stevie Cohen the Feds’ Moby Dick?

NEW YORK/BOSTON (Reuters) – Soon after prosecutors charged two of his former employees with trafficking in confidential corporate information earlier this month, Steven A. Cohen kicked his hedge fund’s damage control operation into high gear.

In the morning, top managers at SAC Capital Advisors, LP’s headquarters in Stamford, Conn., calmly fanned out to allay any concerns the 250 analysts and traders at the $13 billion fund firm might have about the insider trading charges against the two former employees, Donald Longueuil and Noah Freeman. A separate outreach program went on with SAC Capital’s wealthy investors, some of whom had anxiously called up within minutes of the news hitting the wires.