In his days, Phil Falcon was a good hedge fund manager. But it is Not good at paying taxes, So it was like stop doing thatUnfortunately, everything he has tried since then fell squarely on the “paying taxes” side of his purview: Building the wireless network of the futureAnd the Manufacture of women’s underwear, (Allegedly) Fulfillment of loan obligations, (Allegedly) Pay attorneys And of course, Pay taxes. To this list, one can now add Discover the long-term care insurance industry, Although that’s a pretty big problem for someone else now.
Over time, Mr. Corcoran became concerned about what he described in the 2019 memo to the independent insurer’s board of directors as “Mr. [Continental’s] Day-to-day transactions, affairs and operations that involve “threats and intimidation” in relation to investments, he wrote that these measures may have violated the conditions laid down on Mr. Falcon in the approvals of insurance management deals.
You know, the ones he had to accept due to being completely banned from the stock industry.
Additional details are contained in the lawsuit filed in Texas state court last May by Continental Inc. against Mr. Corcoran, accusing him of breach of contract and other employment-related offenses.
Mr Corcoran said Mr Falcon has pushed Continental to invest in HC2 subsidiaries as well as make at least two other specific investments. One of these has taken the form of more than $ 10 million in loans to a company fond of gem and jewelry called Arcot Finance LLC. Continental’s regulatory filings for 2019 indicated that the investment had lost money …. Mr Corcoran, along with an independent Continental Director, raised concerns about Mr Falcon to the Texas Insurance Department in 2019. In early 2020, the department was examining Insurance related party activities, affiliate agreements, investments and corporate governance, according to Continental regulatory filings.