Things are looking up for Phil Falcone.The billionaire hedge fund manager just paid off the balance of a $113 million loan he took from his own hedge fund Harbinger Capital, Reuters reports.
According to Matthew Goldstein at Reuters, on March 11, Harbinger attorneys filed a formal “termination” notice for the loan, which was taken out of the firm’s Special Situations Fund.
The loan has been controversial, especially among some of the firm’s investor — who complained that it took five months before they were even alerted that Falcone had borrowed the cash — which led to an investigation of the loan last year by the SEC. The probe is still ongoing.
The notice wipes the lien that was placed on some of Falcone’s assets by Harbinger back in October of 2009.