This page has been archived and commenting is disabled.
In Preparation For Solyndra 2, A/K/A LightSquared: A Humiliated Phil Falcone Gets Wells Notice
Just because Solyndra was not enough of a humiliation for the president, not to mention MF Global where inquiring minds are wondering when the president and vice-president will refund any and all campaign donations received by Jon Comminglerzine, here comes the next public fiasco for the administration, as the broader public shifts its attention to LightSquared by way of owner Harbinger capital, and its flamboyant head (and wife) - Phil Falcone. As has been just released in an SEC filing, Harbinger has received a Wells Notice from the SEC. Now in a time long, long ago, or about three years ago, before market criminality and manipulation became wholly endorsed by the US government, getting a Wells Notice was a death sentence for any hedge fund. Alas, it still is: "The Wells Notices state that the staff intends to recommend or is considering recommending that the Commission file civil injunctive actions against HCP, Harbinger Capital Partners Offshore Manager, LLC, Harbinger Capital Partners Special Situations GP, LLC, Mr. Falcone, Mr. Asali, and Ms. Roger alleging violations of the federal securities laws’ anti-fraud provisions in connection with matters previously disclosed and an additional matter regarding the circumstances and disclosure related to agreements with certain fund investors." And whether the Wells Notice is merely an inquiry into Falcone previous shady hedge fund-dipping practices described here, or a preamble to a full blown public spectacle-cum-humiliation on Harbinger's LightSquared remains to be seen. One thing is certain: Mrs Falcone will milk the newly found notoriety to its full extend, prenup firmly in gold-braceleted hand.
On December 8, 2011, Harbinger Capital Partners LLC ("HCP") and certain of its affiliates, including Philip A. Falcone, Omar Asali, and Robin Roger, received "Wells Notices" from the staff of the United States Securities and Exchange Commission. Investment funds managed by HCP are our controlling stockholders. Mr. Falcone is our Chief Executive Officer and Chairman of our Board of Directors. Mr. Asali is our Acting President and a member of our Board of Directors and Ms. Roger is a member of our Board of Directors.
The Wells Notices were not addressed to the Company or any of its subsidiaries (including Spectrum Brands Holdings, Inc.) and the matters described in the Wells Notices do not include any conduct involving, by, or on behalf of the Company or any of its subsidiaries (including Spectrum Brands Holdings, Inc.).
The Wells Notices state that the staff intends to recommend or is considering recommending that the Commission file civil injunctive actions against HCP, Harbinger Capital Partners Offshore Manager, LLC, Harbinger Capital Partners Special Situations GP, LLC, Mr. Falcone, Mr. Asali, and Ms. Roger alleging violations of the federal securities laws’ anti-fraud provisions in connection with matters previously disclosed and an additional matter regarding the circumstances and disclosure related to agreements with certain fund investors.
A Wells Notice is an indication of the current views of the staff of the Division of Enforcement, prior to a decision by the Commission. It does not constitute a determination that the recipients have violated any law. Should the Commission accept the recommendations of the staff, the Commission could seek a range of possible remedies, including permanent injunctive relief, a cease-and-desist order, censure, a bar (as to the individuals) from association with an investment adviser, investment company, and/or broker-dealer, disgorgement, pre-judgment interest, and/or civil penalties. It is not possible at this time to predict the outcome of these investigations, including whether or when any proceedings might be initiated or whether the matters will result in settlements on any or all of the issues involved.
HCP and its affiliates are disappointed that the staff issued Wells Notices in these matters. Except with respect to certain previously disclosed matters regarding Rule 105 of Regulation M, they strongly disagree with the staff that any violation of federal securities laws occurred and, in accordance with SEC procedures, plan to submit responses explaining why they believe enforcement actions are unwarranted. If the SEC decides to bring an enforcement action, HCP and its affiliates intend to vigorously defend against it.
- 9302 reads
- Printer-friendly version
- Send to friend
- advertisements -


http://maxkeiser.com/2011/12/09/holy-larceny-batman-mfg-and-jpm-used-wire-transfer-reversals-to-desegregate-funds/
The old shell game.
Otherwise I was waiting for this news on the Solar junkette and WFC. Man, what a fucked up situation, pensions are taking a royal beating.
We all act surprised on three. Ready? One...
<gasp!!> No. Way!
kk, I'm ready to act surprised now. Let in the media.
They'll cover this about as good as Solyndra, Gun Walker, Fast and Furious. The MSM will protect their man.
Hah ha hah ha
Fuck Phil Falcone
.
My thoughts exactly.
Here's a pic of Lisa Falcone for anyone else who needs it to properly digest the article:
http://cache.dealbreaker.com/uploads/2011/05/lisafalcone.jpg
She made her money the old fashioned way. She married it.
$5 lizard milf ho
The dress looks like a giant nut sack and she's the sharp end of the prick,nice double entendre by the designer.
Thorny Devil!
http://en.wikipedia.org/wiki/File:Thorny_Devil_crop.jpg
Yikes! an Arthropod!
When they bury her, bits of her will stick around for years after teh fact.
McDies fries?
90% silicone socialite reptilian droid.
10% toothed vagina...
Whoa! Somebody has got one messed up fairy godmother!
Also known as vagina dentata:
http://en.wikipedia.org/wiki/Vagina_dentata
Vagina Dentata, as in Genes Avatar :O)
"(Falcone) produced the song and sings along as it blasts from iPod speakers on the table: "Come on bitches, get your hands in the air, ugly bitches too, we don't care!"
a class act...criminal class
Sounds very egalitarian to me...
Boca Bitchez are Hawt!
I always wondered what would make a man turn Gay.. after years of marrige.. now I know.
I just threw up a little bit. EESH, shes quite ugly. Two-bagger.
There should be an investigation into the greasy wheels for Lightsquared's bullshit terrestrial receivers, too. Cronyism at its worst: their business proposal is radically different than what they initially proposed to the FCC, yet they get green lights until the military discovers that, yes, broadcasting right next to the GPS portion of the spectrum at a couple hundred times the power of GPS signals *gasp* disrupts those GPS signals.
http://www.thedailybeast.com/articles/2011/09/15/lightsquared-did-white-house-pressure-general-shelton-to-help-donor.html
> prenup firmly in gold-braceleted hand.
Article states "eightteen years and no prenup."
Hence the sarcasm.
Some people would not know sarcasm if it bit them in the azz!
Gotta draw em a picture.
Phil Falcone walks in to 21 with a ugly skank on his arm. Barkeep asks; "Where'd you get that?" The skank replies, "Started as a cancerous sore on my anus."
I don't think even Lloyds would cover that kind of liability... and I ain't talking about LightSquared.
Mrs Falcone will milk the newly found notoriety to its full extend, prenup firmly in gold-braceleted hand.
You go, GIRL :)
If Mrs. Falcone had as many dicks sticking out of her as she has had in her she would look like a porcupine
Mrs. Falcone can always join this distraught bankers wifes support group:
http://www.nytimes.com/2009/01/28/nyregion/28daba.html
Boca Raton.
The United States of Corruption. It's an epidemic. Fuckers. http://thecivillibertarian.blogspot.com/2011/12/corrupt-united-states-ho...
Riddle me this. Isn't LightSquare the same company that forced an Airforce General to lie under oath. Where did that story go.
Yes. That was buried by the MFM rather effectively, eh?
And....we're back at yesterdays highs, all market losses erased by futures pumping as usual.
Although still quite a less than impressive Santa Claus rally with the DOW at 12,100.
Them algorithms are quite happy with the way things are, no? They don't need to eat, or buy gasoline, so off to the moon we go once again. Only thing that can stop their happiness is a nice early morning EMP blast.
Lisa Velasquez what a mess ........back to Harlem you go
Her story in W Magazine May 2010:
http://www.wmagazine.com/society/2010/05/lisa_maria_falcone
An odd quote that was actaully about why she no longer walks her pig in the park:“I thought, Oh, my God! I can see it now. My husband will lose his whole business, and it will be me, the pig, five dogs, a cat and my daughters out on the street, no place to live!”
Oops! Looks like somebody landed on Boardwalk and Park Place, in the same turn, again. Now, let's see if they roll their third double in a row, and go straight to jail.
http://georgesblogforum.wordpress.com/2011/11/02/the-daily-climb-2/
It truly looks like Mrs Falcone is on some sort of speed to keep her weight down, I'm concerned for her health.
And isn't Phil Falcone the bad guy in Batman Begins? Oh wait, that was his brother Carmine, presently in Arkham Asylum.
http://www.imdb.com/media/rm2062850304/ch0000224
Not if +75% of the public has never heard of Solyndra (they will never hear of ShitSquaredTM either). Also, they happen to be registered voters. Yes we can! Obomba second term here we come!
Slutty Hedge Fund Wives starring Lisa Falcone?
I understand why you guys like to pile on Falcone (his wife), but I'm not sure why you are piling on him w/respect to his LightSquared venture. It's apparent to me that the bulk of the bad Falcone/LightSquared PR is likely derived from VZ/AT&T who do not want another competitor. IF Lightsquared works it is good for all of us and bad for VZ/AT&T.
Lightsquared is crony trash.
http://science.house.gov/lightsquared-impact-assessments
Good luck, like, flying and stuff without GPS. Or Lightsquared could like, you know, just operate on the end of the spectrum they initially applied to the FCC for. Or they could, like, not operate via terrestrial receivers like they initially intended to.
But hey, I get it. Angry Birds takes another 15 seconds to download on 3G.
It is my understanding that the GPS problem is a result of the fact that the manaufacturers of devices that use GPS cut corners by not equipping those devices with technology that would have prevented this problem. Thus the burden should be on them to equip their devices so that they stay within their on spectrum. But I am not an expert and am open to persuation...
High-order precision GPS applications occupied their area of the spectrum first. The FCC grants blocks on the spectrum specifically to avoid these sorts of conflicts. Expecting manufacturers to anticipate any and all industry happenings for decades to come when designing their hardware is ridiculous, especially considering Lightsquared's terrestrial transmitters would operate at hundreds of times the power of these precision GPS receivers. It's not about existing GPS units staying within their area of the spectrum (that doesn't really make sense anyway, they don't meander about). The problem is that Lightsquared's signals within IIRC 26 miles of any of their proposed tens of thousands of terrestrial transmitters literally drown out any signals on adjacent portions of the spectrum. Even when it was strictly proposed to be a terrestrial receiver service Lightsquared was only permitted to operate at nearly the opposite end of the spectrum from GPS applications. Now that they've lubed up their cronies they're operating right next to the GPS end. Silly, all to save a few million on billion-dollar technology.
Some estimates have retrofits for, just as an example, car navigation units at $300.00 a pop. How much is a car navigation GPS unit currently? Retrofitting a precision-surveying GPS totalstation is estimated at anywhere from 6K-10K. These units cost approximately 30K new.
So no, this is Lightsquared's baby. They initially applied for terrestrial receiving, not transmitting. It's an entirely different business proposal and thus voids their initial FCC temporary license. I'm not saying they can't do this, but they don't have the right to infringe on existing property and spectrum frequencies simply because they know which people to grease. Hence my charge of cronyism. It makes me sick.
Wow I am completely wrong about the cost of retrofitting precision GPS receivers. That costs 3 or 4 hundred bucks. That 6-10K figure is not at all related to upgrading. If I was getting interference, I'd buy the filter and see what happens in the courts and with the FCC as far Lightsquared is concerned. Taxpayers would foot the bill for the military, but they don't want to spend the money and time on upgrading every single one of their receivers.