Harbinger Capital Partners is facing $1 billion in redemptions, The Wall Street Journal reports. The $6 billion investment fund headed by Philip Falcone will pay the amount partly in cash and partly in the form of an investment in start-up satellite-wireless network LightSquared.
Investors, who can withdraw about 25% of their money in each quarter, will receive the money by March 2012, adds Bloomberg. The main fund’s assets reduced to $4.25 billion at the end of 2010 due to client withdrawals and losses.
Click here for the story from The Wall Street Journal.
Click here for the additional coverage from Bloomberg.