Hedge Fund Harbinger Capital Partners: Portfolio Update ~ market folly

Monday, October 19, 2009

Hedge Fund Harbinger Capital Partners: Portfolio Update

In typical Harbinger fashion, we've been avalanched with a slew of SEC filings after the market close on Friday in which they reported changes to many of their portfolio positions. In all, Philip Falcone's hedge fund filed notable amended 13D's on Solutia (SOA), Terrestar (TSTR), and Calpine (CPN).

Harbinger's amended 13D on Calpine shows them owning a 13% ownership stake with 57,639,402 shares. Their activity in CPN comes after Harbinger executed their offering of shares. The amendment was made to reflect the fact that in Harbinger's recent share offering, the underwriters exercised their option to purchase an additional 3,000,000 shares from Harbinger in addition the 20,000,000 shares already sold. The rest of this purchase is expected to be consummated today (the 19th) at a price of $11.40 as noted in the Form 4.

They also filed an amended 13D on TerreStar now shows Harbinger holding a 47.8% ownership stake with 87,673,303 shares. This is down slightly from their previous 48.6% stake. Lastly, Harbinger also filed an amended 13D on Solutia (SOA) where they disclosed they now have an 8.1% ownership stake with 9,601,118 shares. This is down from their previous stake of 9.4% as Harbinger continues to sell shares of SOA as they have been doing for many months now.

Harbinger has been busy with a plethora of SEC filings over the past few weeks as they rebalance their portfolio. We've noted their sales of shares in both New York Times (NYT) and Leap Wireless (LEAP). You can also find the rest of their assorted portfolio moves here. For those of you interested in some of Harbinger's holdings in UK markets, we've also covered those as well. Philip Falcone runs his $6 billion hedge fund Harbinger Capital Partners with a focus both on equity plays and distressed plays. Read up more on him and his portfolio here.

Taken from Google Finance, Terrestar is "in the integrated satellite wireless communications business through its ownership of TerreStar Networks and TerreStar Global. TerreStar Networks is the Company’s principal operating entity. In cooperation with its Canadian partner, 4371585 Canada, it plans to launch wireless communications system to provide mobile coverage throughout the United States and Canada using small, lightweight handsets similar to mobile devices."

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."

Solutia is "a global manufacturer and marketer of a variety of chemical and engineered materials that are used in a range of consumer and industrial applications. The Company maintains a global infrastructure consisting of 25 manufacturing facilities, six technical centers and over 29 sales offices globally, including 14 facilities in the United States."

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