Harbinger leaps ahead on cell call


By Pete Gallo

Two basic truisms about recessions are that regular folks pinch pennies and newspapers tank. Of course, the daily ebb and flow of economic news can produce winning investment opportunities. Just ask the investment team over at Harbinger Capital Partners, headed by Philip Falcone.

One of Harbinger's biggest portfolio holdings, bargain-cell-service provider Leap Wireless, based in San Diego, is turning out to be a major beneficiary of the current recessionary retrenchment by cash- and credit-strapped consumers.

A long-term call by Harbinger and held in its portfolio since 2007, Leap is phoning in some strong results - adding half