Monday, 3 August 2015
Last updated 6 hours ago
Feb 17 2011 | 5:16am ET
Segregating its most illiquid assets hasn’t helped Harbinger Capital Partners keep them from bleeding red ink.
The New York-based firm told clients this week that the $1.3 billion side-pocket housing its toughest-to-sell assets lost 19.5% last year, Bloomberg News reports; its flagship dropped 12% during 2010 while the average fund rose about 10%.
Harbinger founder Philip Falcone used the opportunity to tell investors about still further losses in the illiquid side-pocket, this one to help settle a lawsuit against its flagship. The illiquid vehicle will pay $45 million to settle the claim over Harbinger-controlled Spectrum Brands Holdings filed in 2006 by Nacco Industries; Nacco said yesterday that Harbinger would pay a total of $60 million.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…