Philip Falcone, the hedge fund manager under fire from customers to tie up money in a wireless network and other hard to sell the assets, plans to help fund bets on the future by selling stocks and bonds through a shell company publicly traded.
Herald Group Inc., an oil driller once the hedge funds Falcone took over last year, raised 350 million U.S. dollars this week with the sale of five-year debt with a yield to maturity of a 11 percent . Falcone plans to use cash from the company and the ability to issue shares to buy controlling stakes in industries from agriculture to telecommunications, according to a filing this month.
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