Sunday, 29 March 2015
Last updated 1 day ago
Oct 11 2011 | 1:10pm ET
Harbinger Capital Management has an exit strategy for clients who've been stuck with the firm since it suspended or restricted redemptions three years ago.
The firm told clients yesterday that it would seek to facilitate secondary-market sales of stakes in its Special Situations fund and two side-pockets to its flagship hedge fund. New York-based Harbinger said it would put clients who want their money back in contact with "potential purchasers" and would even allow privately-negotiated transactions, subject to its approval.
"We are exploring several options in an attempt to accommodate investors," Harbinger founder Philip Falcone wrote in the letter, which was obtained by Bloomberg News.
Harbinger barred withdrawals from its Special Situations fund and created the two side pockets in the wake of the Lehman Brothers collapse. One of the side pockets holds assets that remain tied up in the Lehman bankruptcy.
Both Special Situations and Harbinger's flagship own large stakes in LightSquared, the wireless venture championed by Falcone. In recent months, some investors have received part of their redemptions in the form of in-kind distributions of LightSquared shares, which are illiquid.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
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…