Philip Falcone's Harbinger Capital Partners Amends 13D on SkyTerra ~ market folly

Monday, August 24, 2009

Philip Falcone's Harbinger Capital Partners Amends 13D on SkyTerra

In an amended 13D filed with the SEC due to activity on August 19th, 2009, Philip Falcone's hedge fund Harbinger Capital Partners has disclosed a 70.7% ownership stake in SkyTerra Communications (SKYT). Shares of SKYT are traded in OTC markets and Harbinger's ownership position is via numerous asset types and we thought it would be best to just post up verbatim what they filed. Courtesy of the SEC, tons of legal jargon for your perusal and enjoyment:

(click to enlarge)

If the image is still too small to read after enlarging then you can view the entire SEC filing here. We haven't covered Harbinger in our hedge fund portfolio tracking series yet but we will be soon, so make sure to check back. However, we have noted that they have been selling shares of Solutia (SOL) and Leap Wireless (LEAP). In fact, they have been dumping shares of SOL at a constant stream as of late. Additionally, we covered their new position in Morgans Hotel Group (MHGC).

Harbinger had a tough 2008 as they were ranked #1 in the top 10 asset losers, losing 60.8% of assets on a year over year basis as their Offshore fund finished -22.7% for 2008. Also, we got word that Falcone would be returning to his roots in terms of investing style and would be opening a new fund.

Taken from Google Finance, SkyTerra Communications "operates its business through its subsidiary, SkyTerra LP, which focuses to develop, build, and operate a next generation mobile satellite system. The Company has five subsidiaries: SkyTerra GP Inc., SkyTerra LP, SkyTerra (Canada) Inc., SkyTerra Holdings (Canada) Inc., and SkyTerra Finance Co. SkyTerra LP offers mobile satellite services using two nearly identical geostationary satellites that support the delivery of data, voice, fax, and dispatch radio services."

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