Unstructured Finance

Spinning single-family home investments into mortgage-backed securities

May 6, 2013

It’s generally been thought the main exit strategy for Wall Street-backed firms that are buying distressed homes to rent them out, is to convert to a REIT and file for an IPO. That attempt to cash-out on the single-family home trade has obvious benefits for the big institutional buyers but risks for retail investors as the math behind the buy-to-rent model becomes increasingly suspect.

LightSquaredHarbingerCapital Inc.

December 21, 2011

By Matthew Goldstein

It’s no secret that LightSquared and Phil Falcone’s Harbinger Capital Partners long have been joined at the hip–especially since the $5 billion hedge fund is the wireless telecom’s biggest equity investor. And a recent financial statement for the Falcone-backed start-up makes it clearer than ever just how closely linked are the fortunes of LightSquared and Harbinger.

Lightsquared loans suffer from interference

June 29, 2011

By Matthew Goldstein

It looks like the problems that Phil Falcone’s upstart wireless network may cause with some airline navigation systems may be impacting the price of the more than $1 billion in high-yield debt LightSquared has sold to hedge funds and mutual funds.

The morgue after Christmas

September 28, 2009
Around this Christmastide banks will begin to take a strict approach to companies running out of money, according to Simon Davies, managing director of The Blackstone Group.  

European loan market down but not out

June 17, 2009

Much has been made recently of the drop in activity in European loan market activity and the corresponding boom in bonds and equities, which was recently highlighted by Reuters columnist Alexander Smith in this article.

Keeping score

May 22, 2009

A course worker posts names on a scoreboard before the start of first round play at the 2009 Masters golf tournament in Augusta

A few nuggets from the weekly Thomson Reuters “investment banking scorecard”: