Business

Disgraced hedge fund tycoon Phil Falcone raising money for crypto TV network

Phil Falcone is angling to revenue from TV protection of crypto belongings — an oddball bid to reverse a decade-long slide from being a billionaire to pleading that he’s broke.

The fallen hedge fund star — who amassed a $2 billion fortune from shorting the housing market earlier than squandering the riches over the previous 10 years — is actively pitching buyers on one thing referred to as Blockchain.TV, The Submit has realized.

The Harvard-educated moneyman has been pressured to promote every little thing from the flowery furnishings at his Higher East Aspect townhouse to paintings and even his Hamptons property in recent times to repay his roughly $100 million debt.

Falcone, 59, is being sued by New York State for $12 million in again taxes and informed the decide — whereas representing himself — that he was so strapped for money he couldn’t pay for his mortgages, his daughters’ tuition and even an legal professional. He additionally owes Melody Enterprise Finance $74 million after the corporate lent him cash to purchase properties.

Lisa Marie and Phil Falcone have been fixtures on the New York celebration scene.
Patrick McMullan through Getty Picture

For his newest gamble, Falcone enlisted Charlie Stroll, the previous music govt who was ousted from his perch at Republic Information in 2018, with serving to him pitch the concept and usher in buyers since January, individuals with direct information say.

Nevertheless, he has but to lift the mandatory funds to really launch the platform. He’s been obscure on the small print of how a lot he’s seeking to increase and the way a lot he has raised, sources informed The Submit.

In a remark to The Submit, Falcone stated there was a “quiet interval” and he was not capable of focus on the crypto community. Usually, a quiet interval occurs earlier than an organization goes public — however Falcone stated there was no plan for the corporate to go public.

When The Submit reached out to Stroll for remark, he merely requested “Can we enable you?” earlier than going darkish.

phil falcone
Phil Falcone is actively pitching buyers on his latest enterprise thought: Blockchain.TV.
Fernando Leon

Based on individuals acquainted with Falcone’s pitch, the Minnesota native believes the world wants a 24-hour community completely dedicated to protecting cryptocurrencies, NFTs, and Web3 — and he desires to be the one to make it occur.

The nascent community’s web site is scant on particulars. The one description of the service says it’s “Devoted to the digital area, Blockchain.TV is launching within the third quarter of 2022, bringing breaking information, leisure, and trending digital exercise about Crypto, Web3, and the Metaverse.”

In fact, given cryptocurrencies have cratered as Bitcoin plummets to lower than $30,000 from an all-time excessive of greater than $68,000 — the community could also be a good harder promote in the intervening time.

His push for Blockchain.TV dovetails with one other enterprise he began in 2020 when he quietly started shopping for up broadcast stations below the identify Madison Applied sciences, which was rebranded to Go.TV final 12 months.

By Go.TV, he snapped up a number of “low-power” broadcasting channels – which have a smaller radius than “full-power stations” however can ship indicators over-the-air to focus on the rising variety of cord-cutters. Falcone owns channels in LA, Seattle, and Houston, studies say.

Go.TV, which describes itself because the “first Cellular Over-the-Air Free TV Community” on its web site, doesn’t clarify precisely what meaning or when it’ll launch.

charlie walk
Former music govt Charlie Stroll is working with Falcone on the concept.
Richard Shotwell/Invision/AP

Nevertheless, individuals with information say Falcone’s acquisition of TV stations might play into Blockchain.TV — so customers might watch crypto protection on-line and on conventional cable channels as nicely.

Simply final month The Submit reported the previous hedge fund supervisor was promoting not simply his actual property, however his furnishings as a way to scrounge collectively sufficient cash to remain afloat.

He’s suing personal fairness big Apollo for $2 billion, claiming the agency defrauded him by getting him to put money into now-defunct telecommunications firm LightSquared, Inc.

Falcone and his spouse former actress Lisa Marie have two twin 16 12 months outdated daughters. The household nonetheless lives in Manhattan though The Submit couldn’t decide the place their present residence is.

Over time, Lisa Marie has made headlines for utilizing the n-word and getting arrested for drunk driving.

Show More

Related Articles

Back to top button