Friday, 22 May 2015
Last updated 4 hours ago
Oct 2 2013 | 10:27am ET
Investors are taking heart in Leucadia National Corp.'s faith in Philip Falcone's Harbinger Group.
The holding company last week bought a 13% stake in the permanent capital vehicle, which will use the proceeds to pay out redemptions to investors in Harbinger Capital Management hedge funds. Harbinger and Falcone agreed to fill those withdrawals as part of their $18 million settlement of fraud charges with the Securities and Exchange Commission, a deal that also saw Falcone barred from managing hedge funds—but not Harbinger Group—for five years.
News of the deal sent Harbinger Group shares up 3% to $10.68, more than $2 per share more than it got from Leucadia for the 18.6 million shares it sold. Harbinger also sold a further 5.1 million shares to other investors.
"The fact that that stake is being sold down in an orderly manner and going to very smart people like Leucadia is a significant positive," Sunesis Capital's Manal Mehta, a Harbinger Group investor, told Bloomberg News.
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…