In his day, Phil Falcone was a reasonably good hedge fund supervisor. But he’s not so good at paying taxes, so he needed to stop doing that, and sadly, nearly all the things he’s tried since has fallen squarely on the “paying taxes” facet of his competency: building the wireless network of the future, making women’s undergarments, (allegedly) meeting loan obligations, (allegedly) paying lawyers and, after all, paying taxes. To this listing, one can now add figuring out the long-term insurance care industry, though that is greatly another person’s downside now.
Over time, Mr. Corcoran grew to become involved by what he described in a 2019 memo to the insurer’s unbiased board members as Mr. Falcone’s “continuing interjections into [Continental’s] day-to-day transactions, affairs and operations that include what look like threats and intimidation” with regard to investments. He wrote that these actions presumably violated the situations placed on Mr. Falcone within the insurance-department deal approvals.
You know, those he needed to settle for on account of the entire being banned from the securities trade factor.
Additional element is contained in a lawsuit filed in a Texas state courtroom final May by Continental towards Mr. Corcoran accusing him of breach of contract and different employment-related wrongdoing.
Mr. Corcoran stated Mr. Falcone pushed Continental to spend money on HC2 associates as well as make at the very least two different particular investments. One of these took the type of greater than $10 million in loans to an upstart gem and jewellery enterprise named Arcot Finance LLC. Continental’s regulatory filings for 2019 indicated the funding had misplaced cash…. Mr. Corcoran, together with an unbiased Continental director, raised issues about Mr. Falcone to the Texas Department of Insurance in 2019. In early 2020, the division was analyzing the insurer’s related-party actions, affiliated agreements, investments and company governance, based on Continental’s regulatory filings.