Harbinger Takes Palm Stake

Apr 15 2010 | 1:46pm ET

Harbinger Capital Management has taken a 9.48% stake in Palm Inc., the personal digital assistant maker.

The New York-based hedge fund, headed by Philip Falcone, revealed the passive investment in a regulatory filing. The firm now owns some 16 million Palm shares.

Rumors have circulated that Palm may put itself up for sale. The company has reportedly hired Goldman Sachs and Qatalyst Partners to help it evaluate its options.

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