Bloomberg Businessweek has a telling report on hedge fund manager Phil Falcone and the fate of his personal finances that is so closely tied to his embattled wireless venture Lightsquared, which may be facing bankruptcy.Falcone has invested nearly $3 billion in Lightsquared, and his fund has had nearly a record $23 billion in withdrawals and losses since 2008, according to Businessweek.
Shockingly, Falcone said his lifestyle hasn’t change despite the fact that Lightsquared is weeks away from possibly defaulting on its loans, the Businessweek report reveals.
For one, his business dinners still include $200 bottles of wine and dining on white-truffle pasta. He’s also building a horse farm on Long Island, planning for renovations on his $49 million Manhattan mansions to be done by next year, and still owns his private jet and home in the Caribbeans.
- “I am not losing sleep on this — why would I lose sleep? … I still believe that we had a great, and we still do have a great vision.”
- “This is not for the faint of heart…. I’ve never looked at it as having $4 billion or $25 billion as defining Philip Falcone. But who’s to say I won’t get back to $25 billion?
But the one facet of Falcone’s life that has tangibly changed, Businessweek reports, is his suit shopping habits:
One place Falcone is visiting less frequently is Domenico Vacca, the New York boutique where suits retail for $3,900 and shirts $490, according to a person with knowledge of his purchases. He orders every four or five months compared with every two or three months between 2006 and 2009, and is spending less money at the Madison Avenue store, the person said. Falcone said his shopping remains the same.