LightSquared has many problems, but creditors of the wireless Internet venture backed by Harbinger Capital Management are focused on one: Harbinger founder Philip Falcone. LightSquared and its lenders are discussing a one-week extension under which the latter would agree not to make a default declaration against the company. read more

K2 Advisors is to shut its fund of currency hedge funds after the departure of its portfolio manager. read more

Och-Ziff Capital Management is not closing or cutting back on its Indian activities, denying a report to that effect in the country's Economic Times. read more

Despite markedly lower fee income, Kohlberg Kravis Roberts managed a modest increase in its first-quarter profit. read more

Highland Capital Management wants its former private equity chief to shut his mouth, and is asking the Texas courts to force it closed. read more

The Securities and Exchange Commission has fined an Atlanta investment adviser for failing to disclose payments it received from an allegedly fraudulent hedge fund. read more

A pair of San Jose, Calif., public pension funds was in New York earlier this month—and will be back in a week—as it begins its search for its first hedge fund managers. read more

JPMorgan Chase has hired Morgan Stanley's former U.S. prime brokerage sales chief to boost its own sales effort. read more

A hedge fund manager is the proud new owner of the beloved estate of one of New York's best-known socialites. read more

Hedge fund Whitebox Advisors has hired Aplos Advisors founder Paul Karos to help run its stock funds. read more