Falling star

　　隕落之星

　　Philip Falcone s largest investment has filed for bankruptcy;

　　菲利普法爾科恩的最大投資已申請破產保護;

　　Buying 100% of companies, that s where I think a great opportunity is. So said PhilipFalcone, a hedge-fund manager, at an industry bash on May 9th. His opinions will count forless now. On May 14th LightSquared, a wireless venture 96%-owned by Harbinger CapitalPartners, his fund, filed for bankruptcy.

　　全資擁有一家子公司，我才能看到巨大的商機。在3月9日的產業盛會上，對沖基金經理人菲利普法爾科恩如此說道。然而現在他的理念已變得毫無意義。3月14日，先驅資本合作公司持有96%股份的無線網絡運營商LightSquared申請破產保護。

　　Mr Falcone made his billions betting against subprime mortgages; in 2007, his fund was up byaround 115%. In 2010 he took control of LightSquared, a firm with big plans to build awireless-broadband network. The Federal Communications Commission initially gave thego-ahead, only to change its mind in February after tests showed LightSquared s technologyinterfered with existing global-positioning satellites. With creditors pushing him to step aside,Mr Falcone put LightSquared into bankruptcy, hoping to buy a few months to come up with anew plan.

　　法爾科恩將他數十億的資產都押注在了房地產市場;在2007年，他的基金價值提升了將近115%。2010 年，他掌控了LightSquared，一家計劃在將來建立無線寬帶網絡的公司。最初聯邦通訊委員會給予了一定支持，然而在2月的時候，卻因為 LightSquared技術被檢測出干擾目前GPS全球定位系統而改變了主意。在債權人執意要求法爾科恩下臺的情況下，他提出讓 LightSquared自愿申請破產保護，希望可以拖上幾個月以實施新的計劃。

　　The future looks dark. Mr Falcone has ploughed around 2.9 billion dollar into LightSquared,and it now accounts for around 40% of his fund. At its peak in 2008 Harbinger Capitalmanaged 26 billion dollar, but that figure has plunged to 3 billion dollar due to losses andinvestor withdrawals.

　　然而前景看起來并不是那么樂觀。法爾科恩先期已嘗試性在LightSquared投入290億美元，這筆投資額幾乎占了他旗下基金的40%。在2008年，先驅資本所管理的基金達到了一個巔峰260億美元，然而由于后期的虧損以及投資者的陸續撤資，這個數字很快縮水成30億美元。

　　Getting cash out of the fund has not been easy. When investors pulled money after 2008, MrFalcone first invoked gating clauses restricting redemptions and then agreed to pay them inkind with LightSquared shares as he sold other assets. In December he told them they couldno longer withdraw anything.

　　從該基金中獲利已經變得異常艱難。在2008年后當投資者們投入資金以后，法爾科恩開始對資本贖回設置了限制門檻，并許諾以同樣的方式支付，即LightSquared持有的他銷售的營業外資產一樣。在12月，他告訴這些投資者，他們將無法贖回任何資金。

　　That same month the Securities and Exchange Commission notified him that they may filecivil charges against him. The SEC is examining whether he properly disclosed to investorsthat he took a 113m dollar loan in 2009 to pay his personal taxes , whether he engaged in market manipulation and an additional undisclosedmatter. Mr Falcone denies wrongdoing and has not been charged.

　　在同一時期，證券交易委員會通知他們將針對向市民收費這一問題提出訴訟。SEC審查了法爾科恩是否向投資者透露了其在2009年貸款1.13億美元以支付他的個人稅負的內幕，是否對市場進行了非法操縱,以及其他一些不為人知的秘密。法爾科恩否認存在這些違反道德法規的行為，以及收費問題。

　　Most agree he was reckless to plunge into such a long-term, illiquid investment. Mr Falconehas admitted his asset-liability mismatch and wants to raise more permanent capitalinstead. But who would write him a cheque? Critics predict LightSquared s bankruptcy willspell the end for Mr Falcone. Precedent would suggest otherwise. John Meriwether, theformer boss of Long-Term Capital Management, is now running his third fund. NicholasMaounis, once of Amaranth Advisors, another famous blow-up, now manages a 250m dollarfund. For a hard-nosed industry, the hedge-fund world is curiously forgiving.

　　大部分人都認為他參與這個長期、非流動性的投資是冒進的。法爾科恩亦承認了他的資產和負債是不平衡的，因此想要以提高永久資產來替代當前的失衡狀態。但是誰會給予他支持?評論家們預言LightSquared的破產申請保護將意味著法爾科恩職業生涯的結束。第一個嘗試的人總是會給予他人一些警示。長期資本管理的老板約翰梅里韋瑟，正運營著他的第三只基金。Amaranth 曾經的顧問尼古拉斯馬奧尼斯，另一位后起之秀，正運營著一只2.5億美金的基金。對于一個注重實際的產業，對沖基金將出乎意料地被原諒。

　　Falling star

　　隕落之星

　　Philip Falcone s largest investment has filed for bankruptcy;

　　菲利普法爾科恩的最大投資已申請破產保護;

　　Buying 100% of companies, that s where I think a great opportunity is. So said PhilipFalcone, a hedge-fund manager, at an industry bash on May 9th. His opinions will count forless now. On May 14th LightSquared, a wireless venture 96%-owned by Harbinger CapitalPartners, his fund, filed for bankruptcy.

　　全資擁有一家子公司，我才能看到巨大的商機。在3月9日的產業盛會上，對沖基金經理人菲利普法爾科恩如此說道。然而現在他的理念已變得毫無意義。3月14日，先驅資本合作公司持有96%股份的無線網絡運營商LightSquared申請破產保護。

　　Mr Falcone made his billions betting against subprime mortgages; in 2007, his fund was up byaround 115%. In 2010 he took control of LightSquared, a firm with big plans to build awireless-broadband network. The Federal Communications Commission initially gave thego-ahead, only to change its mind in February after tests showed LightSquared s technologyinterfered with existing global-positioning satellites. With creditors pushing him to step aside,Mr Falcone put LightSquared into bankruptcy, hoping to buy a few months to come up with anew plan.

　　法爾科恩將他數十億的資產都押注在了房地產市場;在2007年，他的基金價值提升了將近115%。2010 年，他掌控了LightSquared，一家計劃在將來建立無線寬帶網絡的公司。最初聯邦通訊委員會給予了一定支持，然而在2月的時候，卻因為 LightSquared技術被檢測出干擾目前GPS全球定位系統而改變了主意。在債權人執意要求法爾科恩下臺的情況下，他提出讓 LightSquared自愿申請破產保護，希望可以拖上幾個月以實施新的計劃。

　　The future looks dark. Mr Falcone has ploughed around 2.9 billion dollar into LightSquared,and it now accounts for around 40% of his fund. At its peak in 2008 Harbinger Capitalmanaged 26 billion dollar, but that figure has plunged to 3 billion dollar due to losses andinvestor withdrawals.

　　然而前景看起來并不是那么樂觀。法爾科恩先期已嘗試性在LightSquared投入290億美元，這筆投資額幾乎占了他旗下基金的40%。在2008年，先驅資本所管理的基金達到了一個巔峰260億美元，然而由于后期的虧損以及投資者的陸續撤資，這個數字很快縮水成30億美元。

　　Getting cash out of the fund has not been easy. When investors pulled money after 2008, MrFalcone first invoked gating clauses restricting redemptions and then agreed to pay them inkind with LightSquared shares as he sold other assets. In December he told them they couldno longer withdraw anything.

　　從該基金中獲利已經變得異常艱難。在2008年后當投資者們投入資金以后，法爾科恩開始對資本贖回設置了限制門檻，并許諾以同樣的方式支付，即LightSquared持有的他銷售的營業外資產一樣。在12月，他告訴這些投資者，他們將無法贖回任何資金。

　　That same month the Securities and Exchange Commission notified him that they may filecivil charges against him. The SEC is examining whether he properly disclosed to investorsthat he took a 113m dollar loan in 2009 to pay his personal taxes , whether he engaged in market manipulation and an additional undisclosedmatter. Mr Falcone denies wrongdoing and has not been charged.

　　在同一時期，證券交易委員會通知他們將針對向市民收費這一問題提出訴訟。SEC審查了法爾科恩是否向投資者透露了其在2009年貸款1.13億美元以支付他的個人稅負的內幕，是否對市場進行了非法操縱,以及其他一些不為人知的秘密。法爾科恩否認存在這些違反道德法規的行為，以及收費問題。

　　Most agree he was reckless to plunge into such a long-term, illiquid investment. Mr Falconehas admitted his asset-liability mismatch and wants to raise more permanent capitalinstead. But who would write him a cheque? Critics predict LightSquared s bankruptcy willspell the end for Mr Falcone. Precedent would suggest otherwise. John Meriwether, theformer boss of Long-Term Capital Management, is now running his third fund. NicholasMaounis, once of Amaranth Advisors, another famous blow-up, now manages a 250m dollarfund. For a hard-nosed industry, the hedge-fund world is curiously forgiving.

　　大部分人都認為他參與這個長期、非流動性的投資是冒進的。法爾科恩亦承認了他的資產和負債是不平衡的，因此想要以提高永久資產來替代當前的失衡狀態。但是誰會給予他支持?評論家們預言LightSquared的破產申請保護將意味著法爾科恩職業生涯的結束。第一個嘗試的人總是會給予他人一些警示。長期資本管理的老板約翰梅里韋瑟，正運營著他的第三只基金。Amaranth 曾經的顧問尼古拉斯馬奧尼斯，另一位后起之秀，正運營著一只2.5億美金的基金。對于一個注重實際的產業，對沖基金將出乎意料地被原諒。