Phil Falcone, the billionaire hedge fund manager of Harbinger, is believed to have lost 10% last month for investors.
According to Bloomberg:
Harbinger lost about 10 per cent last month in a pool of hard-to-sell assets that it’s divesting for clients, according to two investors.
The so-called side pocket, with about $2 billion in assets, has slumped 14 per cent this year.
The losses were apparently thanks to:
- battery and pet-food maker Spectrum Brands Holdings Inc. in Atlanta
- Reston, Virginia-based wireless- network operator TerreStar Corp
The TerreStar investment and losses are interesting because Falcone’s owning TerreStar ties into his plans to launch a new wireless network, which didn’t look too likely to be successful.