Aug 7 - Phil Falcone's hedge fund sued satellite TV mogul Charlie Ergen and his Dish Network for $4 billion over an alleged loan-trading scheme at LightSquared.
Falcone harbinger of doom for Charlie Ergen at the top at today's morning com. Harbinger capital slapping it would make four billion dollar lawsuit in Manhattan bankruptcy court on Tuesday. Falcone is accusing target of watching it lending scheme that would ultimately stripped him of his control of lightsquared. What motive could -- possibly have lightsquared is a satellite provider that building a forty LTE broad and network that it says will serve over 269. People. The company has been bankrupt and now Colin alleges that -- secretly amassed the largest holding of lightsquared bones. Preventing the company from negotiating at consensual bankruptcy plan. I'm digit earnings call yesterday -- did say the company was interested in acquiring lightsquared. Gergen put an 82 point two billion dollar bid last month. Sounds like -- others like -- in the making. Another lawsuit making headlines in our stocks to watch Bank of America shares down over 2% in premarket after the US government say it is suing bank. For allegedly cheating investors are selling 850 million dollars worth of bad mortgage backed securities. Bank of America has been hit by a number of lawsuits in the financial crisis and has set aside more than 42 billion dollars in litigation expenses and pay. LG unveiled its new phone today in New York Atlanta and eastern. Element of surprise left though an image of the device leaked out last night and it's not so far that makes the rounds. According to strategy analytics LG now claims 5% of the global Smartphone market. It never -- and number three spot held by algae now goes to South Koreans are makers. Turning to today's earnings at Time Warner's out with results and 21 century fox -- some high cable TV profits yesterday afternoon and Time Warner is expected to report as good if not better results. It's networks TBS and T and T seen driving growth and HBO's game and could those subscriber numbers. But that -- impressive feat for Time Warner have to -- the revival of CNN. New president Jeff Zucker guiding the news network to 71%. Ratings increase compared to last year when it was at 21 year low. Overall domestic cable ad revenue should also sees substantial rise. We'll be watching Tesla shares when reports -- name more than quadrupled. In the past year. Giving the company a market value of seventeen billion dollars. Tesla and relatively small auto maker but the big guys are watching it closely. General Motors CEO recently ordered a team of employees to study Tesla and the winds could challenge established auto industry. Its results last quarter however are expected to show loss. And just got minutes -- ALL reporting higher profits and revenue last quarter the big news it's spot privately held advertising company. At gap dot TV for 405 million dollars. -- and a well popping now in the premarket. Another video ad company -- ready to make its debut today on the New York Stock Exchange under the symbol YET. It priced shares below target at nine dollars each on Tuesday -- leaned close to 389. Dollars. Not a lot of investor demand for video ads startups competitor -- video IPO in June. And the stock has dropped 20% saints but companies compete with Google. Also sources say Blackstone to exploit his salary and an IPO of the key to inn and suites. It has hired JPMorgan and Morgan Downey for the deal Blackstone value of the budget change at around four point five billion dollars. Let me not to market US stock futures point to a lower open today -- decline on Tuesday it was its biggest fall in over a month. The thirty year mortgage rate moving up again and that it applications for new mortgages -- crept back into the market last week. After Wednesday morning call remembered follow us on Twitter at Reuters Insider and get -- -- at right dot com slash legacy. -- -- -- --