Harbinger redemptions to be paid in illiquid LightSquared equity
By Britt Erica Tunick
Tue Jun 7, 2011
Investors liken the decision to yet another side-pocketing of redemptions.
Just as investors in Phil Falcone’s flagship
Harbinger Capital Partners fund feared, the firm is not paying
its first quarter redemption requests entirely in cash.
Instead, investors seeking redemptions will receive in-kind
payments of the firm’s illiquid holdings in
broadband wireless company LightSquared, an investment
representing about 80% of the firm’s net asset
"In light of my high conviction in LightSquared, its size
within our portfolio and the necessity of maintaining a
controlling position while we join forces with a strategic
partner, we have determined to distribute a portion of the
withdrawal proceeds for March 31, 2011...
ISSN: 2151-1845 / CDC10004H
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