Harbinger Executes Calpine (CPN) Offering ~ market folly

Thursday, October 1, 2009

Harbinger Executes Calpine (CPN) Offering

Our last post on Philip Falcone's hedge fund Harbinger Capital Partners noted that they were offering up shares of their Calpine (CPN) stake. They just filed another amended 13D with the SEC to disclose that the offering was consummated on September 28th, 2009. After the public offering, Harbinger now shows a 15.1% ownership stake in Calpine with 66,980,047 shares. Additionally, Falcone's fund filed a Form 4 with the SEC to disclose the sales of their shares. On the 28th of September, Harbinger sold 20,000,000 shares of CPN at a price of $11.40 in the offering.

This rounds out an absolute flurry of portfolio activity and SEC filings from Harbinger. As always, we've covered them here on the blog and here's their latest slew of activity for those who might have missed some of it:

- Their SkyTerra holding is going private in a new entity that involves Harbinger

- They've sold shares of New York Times (NYT) and Leap Wireless (LEAP)

- Also they have filed a 13D on Spectrum Brands (SPEB)

And of course, they put up a portion of their Calpine stake up for sale, which has now been consummated as detailed above. For the rest of their holdings, check out our post on Harbinger's positions here. Harbinger is a $6 billion hedge fund ran by Philip Falcone. He has roots in distressed investing he likes to focus on proxy fights and bankruptcies by putting a large focus on intensive credit research.

Taken from Google Finance, Calpine is "an independent wholesale power generation company engaged in the ownership and operation of natural gas-fired and geothermal power plants in North America. The Company sells wholesale power, steam, capacity, renewable energy credits and ancillary services to its customers, including industrial companies, retail power providers, utilities, municipalities, independent electric system operators, marketers and others."

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