HARBINGER CAPITAL PARTNERS is a private hedge fund based in New York
City , New York , founded by
Philip Falcone , who is the fund's Senior
* 1 Overview
* 2 History
* 3 Top equity holdings
* 4 SEC settlement
* 5 See also
* 6 References
* 7 External links
Harbinger is a highly diversified multi-strategy hedge fund. It has
bet against sub-prime mortgages in the
United States and the United
Kingdom , including
HBOS . It is also a major investor in
LightSquared , a troubled wireless communications company that filed
bankruptcy in 2012, formerly known as
SkyTerra Communications Inc.
Harbinger's $3.05 billion restructuring plan gives 74 percent of
Cerberus Capital Management LP, Fortress Investment
Group LLC and
JPMorgan Chase & Co., leaving Falcone with 12.5 percent
of the company's equity. In March 2015, a judge approved Harbinger
Capital's restructuring plan of LightSquared, which pays off lender
Charlie Ergen, putting
LightSquared in the hands of investors.
In November 2014, Falcone announced his resignation as chief
executive and chairman from
Harbinger Group HRG, whose second biggest
shareholder is Harbinger Capital. Falcone was paid a lump-sum of $40.3
million upon his resignation.
In March 2015, the lawsuit accusing Falcone and Harbinger Capital
Partners of "misleading investors about the firm's stake in
LightSquared Inc." was dismissed.
The firm's hedge funds include the
Harbinger Capital Partners Master
Fund, the Credit Distressed BlueLine Fund, and Harbinger Capital
Special Situations Fund.
According to press accounts the assets under management at Harbinger
peaked at $26 Billion in 2008 and had declined to approximately $9
Billion as of 2010 due to sizeable investor redemptions with
approximately 40% of that total (approximately $3.5 Billion)
concentrated in investments related to building a high-speed wireless
network in the United States.
Harbinger was founded in 2001 by its Senior Managing Director Philip
Harbert Management Corporation , a Birmingham , Alabama
-based investment company that provided much of the original funding.
Harbinger had funds under management of $26.5 billion (£13.4 billion)
as of the end of June 2008. In 2009, Harbinger acquired the
ownership of its funds from Harbert, although Harbert handled
administrative functions for Harbinger for a short transitional
period. Also in 2009, Harbinger acquired controlling stock of the
Zapata Corporation from the Glazer family and changed its name to The
Harbinger Group Inc. (
NYSE : HRG). The hedge fund is based in New
York, New York.
Harbinger has owned large stakes in
The New York Times Company ,
Cleveland-Cliffs , and 28% stock ownership of satellite communications
Inmarsat . The company has also owned stakes in rival
Terrestar , and British sugar
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* ^ A B Foley, Stephen. "Hands up if you made billions of dollars
out of the credit crisis". The Independent. Retrieved 6 August 2014.
* ^ A B "
Harbinger Capital Partners LLC - Investor Profile". Hedge
Tracker. Retrieved 9 April 2015.
* ^ HERBST-BAYLISS, SVEA (13 November 2008). "Falcone makes big bet
on food products". Reuters. Retrieved 10 April 2015.
* ^ Burton, Katherine. "JPMorgan, Renaissance Trail Hedge-Fund
Gains in 2007". Bloomberg L.P. Retrieved 6 August 2014.
* ^ "Our Investor". Lightsquared. Retrieved 6 August 2014.
* ^ Checkler, Joseph (1 July 2014). "
LightSquared unveils plan led
by Cerberus, Fortress, JPMorgan". Denver Post. Retrieved 10 April
* ^ CHECKLER, JOSEPH; CORRIGAN, TOM. "Judge Approves
LightSquared’s Restructuring Proposal". Wall Street Journal.
Retrieved 9 April 2015.
* ^ Vardi, Nathan (25 November 2014). "Phil Falcone Resigns From
Harbinger Group, Collects $40.3 Million". Forbes. Retrieved 9 April
* ^ Goldstein, Matthew (25 November 2014). "Philip Falcone, Hedge
Fund Chief in Exile, Is Stepping Down". New York Times. Retrieved 10
* ^ Van Voris, Bob. "Harbinger Investor Suit Over Lightsquared
Dismissed by Judge" (30 March 2015). Bloomberg Business. Retrieved 9
* ^ "
Harbinger Capital Partners". Hedge Tracker. Retrieved 6 August
* ^ "Lisa Falcone: Who You Calling \'Wife of\'?". Business Week.
September 16, 2010. Retrieved 6 August 2014.
* ^ A B "Company Overview of
Harbinger Capital Partners LLC".
Bloomberg L.P. Retrieved 9 April 2015.
* ^ "
Harbinger Capital Imposes Limits on Withdrawals". Financial
Times. January 11, 2009. Retrieved 6 August 2014.
* ^ A B
* ^ Weiss, Miles (June 29, 2009). "Manchester United Owner Glazer
Turns to Falcone". Bloomberg L.P. Retrieved 6 August 2014.
* ^ "The Hedge Fund 100" (PDF). Wall Street Journal. Retrieved 10
* ^ "Top 100 Hedge Funds" (PDF). Wall Street Journal. Retrieved 10
* ^ Chung, Juliet; Checkler, Joseph (25 November 2014). "Falcone to
Depart Harbinger Group, Focus on Separate Company". Wall Street
Journal. Retrieved 10 April 2015.
* ^ "
Philip Falcone and
Harbinger Capital Agree to Settlement".
Securities & Exchange Commission. Retrieved 6 August 2014.
* ^ "Order Administering Cease-and-Desist Proceedin