Goldman, Blackstone, and other investors have submitted withdrawal notices to Phil Falcone’s Harbinger Capital Partners, reports Greg Zuckerman of the WSJ. These notices will give the investors the right to demand their cash back at the end of the year.Harbinger’s assets under management have plummeted from $26 billion to $9 billion as Falcone’s hot hand has turned cold. Harbinger’s main fund is down 15% on the year (the S&P is up), while a new debt fund is up about 10%.
Investors are also apparently freaking out about Harbinger’s huge bet on a satellite wireless network.
Business Insider Emails & Alerts
Site highlights each day to your inbox.