Michael Dell Thinks Phil Falcone’s $5 Billion Lawsuit Is Worth At Least $3 Million

When last we heard from former hedge fund manager, former billionaire and Dealbreaker favorite Phil Falcone, he was holding a steeply discounted garage sale. Not because he needed the money, mind you, no matter what you’ve heard. He was just moving and didn’t need a custom white-lacquer Steinway grand with a silver frame anymore (Wilbur will have to make due with a beat-up old spinet, or maybe just an ‘80s-era Casio keyboard) or a red-leather sofa anymore. (And it’s a good thing he didn’t need the money, because everything he unloaded went for thousands of dollars less than he expected.)

And do you know why he didn’t need the money? Why, let the ever-loquacious-when-insulted Falcone tell you himself: “I’m doing well. I have a public company, Madison Technologies. It’s got a $150 million market cap.”

So, what is Madison Technologies? That depends on what day it is. Originally, it was going to be a vehicle for flogging Catherine Zeta-Jones’ feminine hair-removal products. Then Falcone bought it and decided it would be better to buy weak TV stations in strong markets than to sell razors. Not just better: The renamed Go.TV was going to revolutionize antenna-based broadcasting, which does apparently still exist. That plan went about as well as Falcone’s previous plans to transform the wireless, long-term care and garish lingerie industries, so now it’s a TV network about—you guessed it, that last refuge of the financial scoundrel—cryptocurrencies.

And how much is it worth? Well, somewhat less than the nine figures of which Phil bragged just six months ago.

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