Harbinger Capital Buys a 9.48% Stake in Palm
Palm Inc. announced today via a Schedule 13G SEC filing that Harbinger Capital Partners has purchased 16 million shares of common stock, representing a 9.48% passive stake in the company. Harbinger is a NYC based private hedge fund run by billionaire investor Philip A. Falcone. The hedge fund also owns large stakes in the New York Times Company, Cleveland-Cliffs and various satellite communications companies.
The investment was noteworthy not only for its size but also because this was made via the open market on already available shares. As such the common stock does not give Harbinger any special voting shares, (unlike Elevations deal) but it does represent nearly 10% of Palm's 168,755,045 shares outstanding as of March 26, 2010. Palm stock was up today on the news, but closed up a modest .16 (~3%) at 5.36.
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