Monday, 20 October 2014
Last updated 3 days ago
Oct 5 2010 | 1:33pm ET
Philip Falcone's dream of a satellite empire ended today. His Harbinger Capital Management sold off more than half of its stake in British satellite company Inmarsat, ending the hedge fund's hopes for buying Inmarsat or striking a deal with the company to create a 4G giant to extend wireless coverage throughout the U.S.
Harbinger sold 14.1% of Inmarsat's stock for about £410 million. The New York-based hedge fund, which still owns 14% of the company, said it moved to cut its stake after deciding against a bid for all of Inmarsat.
"Inmarsat has been a terrific investment for Harbinger and its investors," Falcone said yesterday. "Although we have determined that we are not going to make an offer for all of the company, I remain a strong believer in Inmarsat's future and am extremely happy to maintain a core position in the company's stock."
Harbinger will have to maintain that core position for at least another six months, as part of its agreement with Credit Suisse and UBS, which handled the share placement.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...