Phil Falcone Feels Attacked, Whines To Investors: Stop Talking To The Press!

The first thing on Phil Falcone’s mind when he began a call with investors today wasn’t LightSquared, returns, or his outlook. It was his investors spilling information to the press.

From Reuters:

“He started off by talking about the press, saying they don’t have the facts straight and that he was upset with investors for leaking info,” said a person who listened on the call.

Is there anything about that that *doesn’t* make people want to talk to the press?

Clearly not. Because three people on the call immediately called Reuters and told them all about it.

And the worst part is that Falcone had good news, too. The fund is apparently up this month (he wouldn’t say how much).

But the rest is all bad news.

  • Falcone didn’t take any questions from investors.
  • Investors are pulling money. The New York State Common Retirement Fund is pulling $68 million, for example.
  • No one thinks LightSquared is a good investment for 40% of the hedge funds’ assets. (Well, not no one.) 

And admittedly, the press has been reporting the crap out of it.

So there’s a reason Falcone feels attacked, but not a good one. His investors called his behaviour “defensive.”

What position did he play on the hockey team?

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