Phil Falcone is looking to cash in on TV coverage of crypto assets — a bizarre attempt to reverse a decade-long slide from being a billionaire to pleading he’s broke.
The fallen hedge fund star — who amassed a $2 billion fortune shorting the housing market before squandering the riches over the past 10 years — is actively pitching investors on something called Blockchain.TV, has learned The Post.
The Harvard-educated businessman has been forced to sell everything from fancy furniture from his Upper East Side townhouse to artwork and even his Hamptons estate in recent years to pay off his debt approximately $100 million.
Falcone, 59, is being sued by New York State for $12 million in back taxes and told the judge – while representing himself – that he was so strapped for cash that couldn’t pay his mortgages, his daughters’ school fees or even a lawyer. He also owes $74 million to Melody Business Finance after the company lent him money to buy properties.
For his latest gamble, Falcone has enlisted Charlie Walk, the former music executive who was ousted from his job at Republic Records in 2018, to help him pitch the idea and attract investors since January, people with experience say. direct knowledge.
However, it has yet to raise the necessary funds to actually launch the platform. He has been vague on details of how much he is looking to raise and how much he has raised, sources told the Post.
In a comment to The Post, Falcone said there was a “quiet period” and he was unable to discuss the cryptonet. Typically, a quiet period occurs before a company goes public – but Falcone said there were no plans for the company to go public.
When The Post contacted Walk for comment, it simply asked “Can we help you?” before sinking.
According to people familiar with Falcone’s pitch, the Minnesota native thinks the world needs a 24-hour network exclusively dedicated to covering cryptocurrencies, NFTs and Web3 – and he wants to be the one who does. will achieve it.
The fledgling network’s website lacks details. The service’s only description states that it is “dedicated to the digital space, Blockchain.TV will launch in the third quarter of 2022, bringing breaking news, entertainment and trending digital activity across Crypto, Web3 and the Metaverse. “.
Of course, since cryptocurrencies cratered as Bitcoin BTCUSD,
drops below $30,000 from an all-time high of over $68,000 – the network may be an even tougher sell right now.
His push for Blockchain.TV fits into another venture he started in 2020 when he quietly started buying broadcast stations under the name Madison Technologies, which was rebranded as Go.TV last year. .
Through Go.TV, it has taken over several ‘low-power’ broadcast channels – which have a smaller radius than ‘full-power stations’ but can send live signals to target the growing number of cuts -cables. Falcone has chains in Los Angeles, Seattle and Houston, according to reports.
Go.TV, which describes itself as the “first free live mobile TV network” on its website, doesn’t explain exactly what that means or when it will launch.
However, knowledgeable people say Falcone’s acquisition of TV channels could play into Blockchain.TV – so users can also watch crypto coverage online and on traditional cable channels.
Last month, The Post reported that the former hedge fund manager was selling not only his real estate, but also his furniture in order to scrape together enough cash to stay afloat.
He is suing private equity giant Apollo APO,
for $2 billion, claiming the company defrauded him of investing in now-defunct telecommunications company LightSquared, Inc.
Falcone and his wife, former actress Lisa Marie, have 16-year-old twin daughters. The family still lives in Manhattan although The Post could not determine where their current residence is.
Over the years, Lisa Marie has made headlines for using the n-word and being arrested for drunk driving.