Law360, New York (August 09, 2012, 6:16 PM ET) -- The hedge fund of billionaire Philip Falcone on Tuesday blasted a creditor investigation into allegations of prepetition insider lending within the now-bankrupt Lightsquared Inc., saying creditors were trying to embarrass the company and gain leverage in the case through frivolous discovery.
Harbinger Capital Partners asked a New York federal bankruptcy judge to deny a request from the ad hoc secured group of Lightsquared lenders for documents related to $280 million in prepetition financing doled out by UBS AG to Lightsquared before it went bankrupt, saying the...
Falcone Blasts Investigation Into Lightsquared Creditors
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