April 5 was a tough day for Philip Falcone. That was the day the Federal Communications Commission proposed to void an invaluable license for LightSquared, the telecom company Falcone’s hedge fund has invested nearly half its assets in. Now Falcone’s LightSquared is facing bankruptcy, the hedge fund’s investors are suing Falcone, and he could be censured and sanctioned by the Securities and Exchange Commission.
Falcone may risk going from riches to rags, but he won’t be going down without a fight.
Full Story: Philip Falcone: Billionaire on the Brink