Hedge-fund honcho Phil Falcone just got his fashionista wife, Lisa Maria, a hot gift — lingerie chain Frederick’s of Hollywood.
A division of Falcone’s publicly traded Harbinger Group handed over $10 million to the troubled underwear retailer in exchange for the right to control the company, FOH announced.
If it exercises that right, Harbinger’s Five Island Asset Management will appoint a majority of the board.
FOH, founded 66 years ago by Frederick Mellinger, inventor of the push-up bra, was peddling sexy lingerie (left) 30 years before Victoria’s Secret emerged.
FOH operates 118 stores across the country and has been struggling amid sagging sales.