Thursday, 18 September 2014
Last updated 52 min 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.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.