Saturday, 23 May 2015
Last updated 13 hours ago
Mar 8 2011 | 5:46pm ET
Harbinger Capital Management's timing in dumping its last stake in satellite operator Inmarsat could not have been better.
The New York-based hedge fund last month renegotiated its lockup period with Inmarsat, which it once hoped to acquire and combine with its own LightSquared satellite business, dumping its remaining 14% stake on Feb. 8. The move—convincing Credit Suisse and UBS to end the lockup two months earlier—has paid off in a big way.
Inmarsat shares dropped 13% yesterday after the company warned that customers were reducing their use of satellite phone calls in favor of e-mail. Had Harbinger been forced to hold its remaining stake until April 7, it would have lost £66 million, or more than US$100 million, on the decline.
Harbinger sold the first half of its 28% stake in Inmarsat in October.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…