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Reuters - Hedge fund Harbinger Capital Partners said it is not pulling out of high-profile investments like The New York Times Co. and Media General Inc., seeking to quell market rumors after their share prices dropped sharply on Monday.
Philip Falcone, who runs the hedge fund, told Reuters that investors would be mistaken if they thought selling by Harbinger was behind the double-digit percentage declines in stocks it holds, including the Times, Media General Inc., Cablevision Systems Corp, Cleveland-Cliffs Inc. and Calpine Corp.
"People are speculating as to what we’re doing and why we’re doing it, but the reality is different from what they think," Falcone, Harbinger’s senior managing director, said in a phone interview.
He said that while their main fund’s composition has changed since its most recent 13 F regulatory filing with the U.S. Securities and Exchange Commission on August 13, Harbinger remained bullish on its investments.
Business Week - A hedge fund known for shaking up underperforming companies has increased its stake in Cablevision Systems Corp. to 9.1 percent, according to a regulatory filing Thursday.
Harbinger Capital Partners now owns more than 21 million shares of the diversified cable operator, up from nearly 19 million shares, or 8.1 percent of Class A shares, its stake as of a regulatory filing made last month. In an earlier August filing, Harbinger disclosed that it held a 4.9 percent stake. The Dolan family owns the Class B shares.
"As we stated previously, we welcome all investors and their focus on enhancing value for all shareholders," said Charlie Schueler, spokesman for Bethpage, N.Y.-based Cablevision.
New York (HedgeCo.Net) - Harbinger Capital has taken an 8 percent stake in Cablevision Systems Corp., according to a regulatory filing done yesterday with the Securities and Exchange Commission.
The activist hedge fund now owns nearly 19 million shares of the cable operator. The filing communicated Harbinger’s views that the stock is undervalued and also touched on the possibility of a strategic restructuring, saying they may “seek to influence or change the control” of the company.
It is not uncommon for hedge funds and other private equity firms to try to replace or enhance a company’s board of directors in order to give them more control or decision making privileges. Hedge funds generally seek high returns in a short time frame, and are more than prepared to try and replace management should the current slate fail to share their views.
Harbinger is no stranger to this practice. Already, the hedge fund has sought seats on two of the boards of companies in which they invest: The New York Times and Media General. Harbinger was awarded three seats on Media General’s board and two seats on the board of the Times after a much publicized near proxy battle.
Shares of Cablevision closed at $32.46 on Thursday, down 10 cents.
Julie Scuderi Senior Editor for HedgeCo.Net Email: julie@hedgeco.net
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