Hedge fund Harbinger Capital founded by billionaire Phil Falcone sues Deere & Co and Dish Network.
Hedge fund GPS satellite battle Harbinger LightqSuared
On Friday, Mr. Phil Falcone’s hedge fund, Harbinger Capital, and its subsidiaries sued Deere & Company, Garmin International and Trimble Navigation, along with two GPS industry lobby groups, accusing them of preventing LightSquared from operating a crucial 4G network.
Hedge fund Harbinger Capital Partners sued Deere & Co and Trimble Navigation Ltd. (TRMB), claiming they concealed facts about global positioning system products that ruined Harbinger’s investment in a wireless network.
The companies are accused of failing to disclose that hedge fund Harbinger’s venture, LightSquared would interfere with their products, according to a complaint filed today in federal court in Manhattan. Harbinger said its damages are at least $1.9 billion.
LightSquared filed for bankruptcy in 2012. U.S. regulators blocked the service after GPS-device makers and users including the U.S. military and commercial airlines.
Hedge fund Harbinger, founded by Phil Falcone, also sued Charles Ergen and his Dish Network Corp. on Aug. 6 in bankruptcy court in Manhattan, accusing Ergen of a scheme to prevent LightSquared from emerging from bankruptcy under Harbinger’s control.
Hedge fund Harbinger Capital, led by billionaire Phil Falcone, has sued Deere & Company and GPS makers for $1.9 billion in damages in an effort recoup its investment in bankrupt wireless company LightSquared.
Phil Falcone’s hedge fund sued satellite TV mogul Charlie Ergen and his Dish Network Corp for $4 billion on Tuesday for an alleged loan-trading scheme aimed at stripping Falcone of his control over LightSquared Inc, a bankrupt wireless communications business.
SEC: Falcone used hedge fund as piggy bank to support his lavish lifestile Hedge fund manager Phil Falcone improperly borrowed client cash to continue living the high life with his glamorous socialite wife, including a private jet, an estate on St. Barts and two Manhattan town houses, according to a bombshell complaint.