Harbinger says it’s not dumping Times, Media General
Tuesday, September 16, 2008 : PermalinkReuters - 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.
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