By Matthew Goldstein
NEW YORK (Reuters) ? Hedge fund manager Philip Falcone said in an interview on Wednesday he is ?seriously considering? filing a voluntary bankruptcy for LightSquared, the struggling telecom startup in which his Harbinger Capital Partners is the majority owner.
Falcone said a bankruptcy is one of several options he is considering as he tries to find a way to salvage the company, which reported a $427 million net loss during the first nine months of 2011, and keep its creditors at bay.
He said a bankruptcy would allow the company time to find a way to deal with communications interference issues that have arisen with the planned buildout of a nationwide wireless broadband network.
Falcone said a bankruptcy would not necessarily wipe out the equity holders of LightSquared because the spectrum it owns retains value.
The fate of LightSquared has become an important concern for investors in Falcone?s $4 billion hedge fund, which has sunk roughly 60 percent of its money into the telecom. The success or failure of LightSquared will go a long way in determining Falcone?s legacy as a money manager.
It wasn?t too long ago that Falcone was the toast of hedge fund row after his fund soared to
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