, Columnist
Icahn's Departure Doesn't Ease Falcone's LightSquared Woes
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The flailing telecom company LightSquared received a weeklong extension from its creditors today, holding off bankruptcy yet again. But corporate raider Carl Icahn's patience has worn thin. Reuters reports that Icahn sold off his quarter of a billion dollars in debt holdings to Sound Point Capital. He turned a tidy profit, getting 60 cents on the dollar after paying 40 cents a few months ago.
Icahn's departure from the scene may take a bit of pressure off Philip Falcone, whose Harbinger hedge funds have invested $3 billion in LightSquared (Icahn had reportedly been pushing to end Falcone's role at the company). But it does nothing to clarify LightSquared's future.