Saturday, 20 September 2014
Last updated 1 day 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.
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…
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