MG Capital Seeks to Oust Philip Falcone From HC2’s Board (Bloomberg) Philip Falcone is in the crosshairs of an activist investor who wants to remove him — along with the rest of the board — from HC2 Holdings Inc. MG Capital, run by former Third Point executive Michael Gorzynski, wrote in a letter to shareholders Tuesday that it thinks HC2 has traded at a discount of more than 80% to the value of its underlying assets because of a series of management missteps. Gorzynski pins the underperformance on Falcone, HC2’s chairman, chief executive officer and president.
Phil Falcone Really Knows How To Lever The Hell Out Of A Warhol (Deal Breaker) In spite of having just sold a house for almost $80 million, former hedge fund manager Phil Falcone is apparently hard up for money. This is to an extent understandable, as piano-playing pigs don’t just feed themselves, and also the $70 million in settlements Falcone has reached in the last couple of years stemming from his inability to correctly pay his taxes, to say nothing of other potentially pricey litigation. So Falcone sold a couple of paintings to raise some cash, since he no longer has a hedge fund to borrow money from with which to cover said taxes.