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TerreStar’s failings bedevil Harbinger’s Falcone

Failure raises questions about Falcone telecom plan

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Canada Goose online NEW YORK, Aug 12 (Reuters) Billionaire money manager Phil Falcone big bet on a high canada goose uk black friday speed wireless network, which has led him to mortgage many of his canada goose clearance sale flagship fund key assets, could soon look even dicier as one of its cornerstone telecom investments teeters on the brink of bankruptcy. Canada Goose online

canadian goose jacket That means it may have to canada goose clearance file for a Chapter 11 bankruptcy, the Reston, Virginia based firm said in an Aug. 6 regulatory filing. canadian goose jacket

cheap Canada Goose A TerreStar bankruptcy filing could come soon if TerreStar can reach a restructuring agreement with its bondholders, which includes funds managed by Falcone Harbinger Capital Canada Goose online Partners, said three people familiar with the company cheap Canada Goose situation. cheap Canada Goose

Canada Goose Outlet Falcone and New York based Harbinger is prepared to step in and provide some of the debtor in possession financing TerreStar will need in the event of a Chapter 11 filing, these same sources said. Canada Goose Outlet

canada goose Douglas Brandon, TerreStar general Canada Goose Coats On Sale counsel, declined to discuss the possibility of a filing, canadian goose jacket responding in an email that do not comment on rumors. Harbinger spokesman Eliot Hoff said, don comment on other companies. canada goose

canada goose black friday sale The Harbinger spokesman buy canada goose jacket cheap added that pas cher canada goose Falcone is a strategic visionary with a canada goose uk shop record of success through all business cycles. canada goose black friday sale

canada goose deals For a time, Harbinger clearly was a big part of Falcone telecom vision. canada goose deals

Falcone hedge fund is TerreStar biggest equity holder, owning 30 percent of its voting shares. Falcone hedge funds also hold at least $150 million of the company nearly $1 billion in debt, according to regulatory filings.

Earlier this year, a Harbinger controlled telecom entity called LightSquared entered into a series of leasing deals with TerreStar that totaled nearly $70 million in fees for the cash starved company. One of the deals gave LightSquared, formerly called SkyTerra, access to minutes for voice and data transmission on TerreStar lone telecommunications satellite.

canada goose clearance sale LightSquared is now canada goose black friday sale the crown jewel in Falcone ambitious plan to build a wireless network that will rely on two orbiting satellites and earth Canada Goose Parka based transmission platforms to bring broadband Internet canada goose store and phone access to much canada goose uk outlet of the United States, including poorly served rural areas. canada goose clearance sale

Harbinger, with more than $6 billion in assets spread across a half dozen funds, has sunk more than $2.9 billion into the development of LightSquared. But industry uk canada goose outlet experts say the wireless company needs to raise at least $2 billion more to complete the build out of its network, which includes the launch of two satellites.

LightSquared says it has additional debt and equity financing of up to $1.75 billion but has not disclosed the source of that funding.

Canada Goose Jackets In short order, LightSquared has become the single biggest investment for Harbinger and the signature piece of Falcone now multi year bet on wireless broadband technology. TerreStar once was an important component of that strategy, but people familiar with LightSquared said TerreStar canada goose is no longer critical to Falcone master plan. Canada Goose Jackets

canada goose coats To some degree, the stock market long ago factored in the prospect of a TerreStar bankruptcy. The company shares Canada Goose Online most recently traded on Nasdaq for about 40 cents and hasn traded above $1 since late canada goose factory sale April. canada goose coats

Canada Goose sale STRATEGY QUESTIONS But a bankruptcy filing by TerreStar would be a blow to Harbinger and potentially lead to a further decline in the value of a $2 billion fund for hard to sell assets where much of Harbinger investment in TerreStar is located, sources said. The so called sidepocket already has lost some 14 percent of its value this year. Canada Goose sale

canada goose store Meanwhile, Harbinger flagship fund, as of mid July, was down 10 percent this year. housing market and bullish wager on mining companies. canada goose store

canada goose coats on sale It was buy canada goose jacket after his big success in 2007 that Falcone started to set his sights on broadband wireless networks. canada goose coats on sale

buy canada goose jacket However, TerreStar financing struggles raise questions about Falcone Canada Goose Jackets ability to find enough deep pocketed investors, given that TerreStar strategy is not too different from that of LightSquared. A similar cheap canada goose uk satellite and earth based broadband strategy also is being developed by DBSD North America, which itself filed for bankruptcy last year. buy canada goose jacket

buy canada goose jacket cheap think this would cause people to ask why Harbinger can make a success of it when neither DBSD Canada Goose sale and TerreStar have been able to do it, said Tim Farrar, a telecom industry consultant who was one of the expert witnesses in the DBSD bankruptcy for critics of the Canada Goose Outlet restructuring plan. buy canada goose jacket cheap

Canada Goose Parka Hoff, the Harbinger spokesman, responded in an email that LightSquared has a better chance of success because of clean balance sheet and ability to obtain additional uk canada goose debt and equity capital, and the quality, vision and experience of its senior management cadre. The company canada goose coats recently announced a deal with Nokia Siemens Networks to provide equipment and services to support the new network. (Reported by Matthew Goldstein; Editing by Richard Chang) Canada Goose Parka.

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