February was not a good month for telecomm venture Lightsquared, the wireless satellite service financed by hedge funder Phil Falcone.The FCC blocked the company’s plans to provide wholesale wireless and the company’s CEO stepped down.
Falcone, who invested nearly $3 billion of his hedge fund into Lightsquared, has seen his performance and assets under management fall along with Lightsquared’s prospects. The fund fell nearly 47% in 2011, and is starting 2012 off to an equally awful footing.
Reuters just reported that the flagship fund for Harbinger Capital is down 29.7% for February. With January’s performance factored in, the fund is down 26.7% for the year.