Even though he was born and raised in Chisholm, Minnesota - a lot of folks in the Northland might not recognize the name Phil Falcone;  But on Wall Street and in New York, he's made quite a name for himself.  As one of the nation's most-powerful investment bankers, Falcone is the founder of Harbinger Capitol and LightSquared - the company that got involved in Obama's solar-subsidies.  He also owns 40% of the Minnesota Wild hockey team.  As far as personal finances go, Falcone is ranked as the U.S.'s 188th richest person - with a personal net worth of $2.2 billion.

He's also the new owner of Fredericks 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.

It's expected that if Harbinger appoints board members, Falcone's very-visible wide Lisa Marie would more than likely assume the position at the helm.