Hedge Funder Falcone Buys Out Early Backers

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Philip Falcone, the founder of hedge fund Harbinger, and one of the guys called up to the hill last year, has bought out his early backers, the Harbert Management, according to HedgeFundAlert. Like a lot of funds, Harbinger’s had a rough year, after riding high for a while. It was in the news a lot for its pyrrhic battle to get representation on the NYTCo board. It was successful (it got on the board), but it’s been a big money loser.

Harbert will still have money with Falcone, and apparently the split was amicable.

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