Tuesday, 13 October 2015
Last updated 6 hours ago
Sep 30 2013 | 2:40pm ET
Harbinger Capital Management has sold more than 20 million shares of its permanent capital vehicle to meet redemptions mandated by the hedge fund's deal with the Securities and Exchange Commission.
Harbinger hedge funds sold $158 million worth of Harbinger Group shares to Leucadia National Corp., making that firm the listed vehicle's second-largest shareholder with a 13% stake. Harbinger also sold a further 5.1 million shares to other investors, according to a regulatory filing.
Harbinger sold the shares to Leucadia for $8.50 each, below the $10.06 they closed at on Friday.
Harbinger and founder Philip Falcone agreed to pay out redemptions to Harbinger clients—the hedge fund suspended redemptions several years ago—as part of a settlement with the SEC that includes an $18 million fine and a five-year ban from managing outside capital. The deal allows Falcone to continue running Harbinger Group, which he set up in 2010.
Oct 7 2015 | 4:57am ET
Charity A Leg To Stand On (ALTSO) will hold its 12th Annual Hedge Fund Rocktoberfest – NYC on October 15 and its 4th Annual Rocktoberfest - Chicago on October 22. Read more…