Update on LightSquared/GPS conflicts: 12/9/11, "Falcone’s LightSquared Said to Disrupt 75% of GPS in Tests," Bloomberg
"Philip Falcone’s proposed LightSquared Inc. wireless service caused interference to 75 percent of global-positioning system receivers examined in a U.S. government test, according to a draft summary of results.
The results from testing conducted Oct. 31 to Nov. 4 show that “millions of fielded GPS units are not compatible” with the planned nationwide wholesale service, according to the draft seen by Bloomberg News.
“LightSquared signals caused harmful interference to majority of GPS receivers tested,” according to the draft prepared for a meeting next week of U.S. officials reviewing the LightSquared proposal. “No additional testing is required to confirm harmful interference exists.”"...LightSquared termed this an illegal leak of incomplete information.
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Phil Falcone made $11 billion in the subprime scam, is in the middle of the LightSquared scandal, and doesn't pay taxes he owes.
9/25/11, "Tax-deadbeat billionaire," NY Post, I. Vincent and M. Klein
"Philip Falcone controls a billion-dollar hedge fund but couldn’t cough up $192,182 to pay the city taxes he owes on his two Upper East Side homes.
Falcone and his wife, Lisa Marie, failed to pay their semiannual tax bill on July 1 and owe a total $201,101 with interest
- on the two East 67th Street properties, city records show.
The net worth of Harbinger Capital Partners honcho Falcone sank to $2.2 billion from $2.8 billion last year, according to Forbes magazine, which ranked him as the 188th richest American last week. He was No. 124 a year ago.
While stiffing the city, the couple continue to live the high life, summering at a $700,000 rental in the Hamptons and
- sinking $45 million into the renovation of one of their mansions.
But the two houses apparently are not enough for Lisa Marie Falcone, who recently rented an $8,000-a-month apartment nearby, according to a source familiar with the transaction."
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11/13/08, "US hedge fund managers defend industry before Congress," UK Guardian, Andrew Clark
"George Soros (from left), James Simons, John Alfred Paulson, Philip Falcone and Kenneth Griffin are sworn in during a hearing on the hedge fund industry in Washington, DC on Thursday." (Nov. 2008) getty
- • George Soros, Kenneth Griffin, Philip Falcone, Jim Simons and John Paulson appear before House oversight committee
8/19/11, "Phil Falcone's 15 Top Stock Picks," Seeking Alpha
"Phil Falcone, of Harbinger Capital Partners, reached notoriety in 2007 when his fund made $11 Billion betting against subprime mortgages."...
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Eli Lake on Phil Falcone and Lightsquared: 9/15/11, "White House Pressure for a Donor?" Eli Lake, The Daily Beast
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