"The SEC last year charged Falcone with market manipulation and other violations." Manipulate the Search, Manipulate the Market, Friends at the FCC, Looks like Indictments may be next. Tough Luck. All that PRODUCTIVE behavior sure does pay off, NOT.
"The US Securities and Exchange Commission voted to reject a deal its enforcement division had struck with once high-flying hedge fund manager Philip Falcone and his hedge fund Harbinger Capital Partners, according to a regulatory filing. The SEC has not released any public explanation of the decision, which was disclosed on Friday by Falcone's publicly traded company Harbinger Group Inc.
But a person familiar with the matter said commissioners voted 3-1 to reject the proposed settlement during a closed-door meeting on Thursday due to concerns it was too weak. Voting against it were SEC Chair Mary Jo White, an independent, and Democrats Luis Aguilar and Elisse Walter, the person said. Among the concerns were the fact that the proposed settlement did not seek to bar Falcone from serving as an officer or director of a public company.
The SEC last year charged Falcone with market manipulation and other violations. Republican Commissioner Troy Paredes voted for the settlement, while Daniel Gallagher, the other Republican commissioner, did not participate in the closed-door meeting. The rejection of the settlement comes as White has said she intends to be more aggressive in dealing with settlements and to take more cases to trial.
On Friday the SEC initiated a blockbuster case against hedge fund mogul Steven A. Cohen by charging him with failing to supervise two employees who are accused of insider trading. C. Evan Stewart, a partner at Zuckerman Spaeder who is not connected to the case, said it appeared the proposed Falcone settlement would have been effective in some regards but would have allowed Falcone to maintain control over investor funds.
"That mixed message really is why I thought it would not be well-received several months ago. It appears that consideration carried the day," Stewart said. Falcone announced in May he would pay $18 million to settle two SEC lawsuits accusing him of market manipulation, giving preferential treatment to certain investors and borrowing cash from his own fund to pay his personal taxes.
The lawsuits were not filed against Harbinger Group Inc, the publicly traded investment company where Falcone is chairman and chief executive officer. Instead, they targeted his hedge fund Harbinger Capital Partners and other related funds. Falcone manages roughly $3.1 billion in assets. He notified his hedge fund investors on Friday of the SEC's rejection in an email but did not provide any details beyond what was in Harbinger Group's regulatory filing, according to an investor in the fund who did not want to be identified due to fear of a reprimand from Falcone. "
Source
http://www.brecorder.com/market-data/stocks-a-bonds/0/1213588/
When you manipulate the search engines, you manipulate the public persona of a stock or hedge fund right?
Wednesday, July 24, 2013
Monday, March 26, 2012
Thursday, September 15, 2011
Mobile Satellite Ventures LP "lightsquared board of directors"
Thursday, August 4, 2011
Philip Falcone - Lightsquared, ATT Pressuring Local Elected Officials and Local Fire Chief to Pull Support from LightSquared ? Lightsquared, Philip Falcone, Harbinger Capital Partners
Phil Falcone - CNBC Interview - Philip Falcone - Harbinger Capital Partners - Lightsquared - ATT Lobbyist head of GPS Council ?
Source of Video of Philip Falcone, Lightsquared on ATT, Verizon, GPS Issues - Lightsquared - Harbinger Capital Partners.
Monday, July 18, 2011
Kathleen K. Murphy - Harbinger Capital Partners - Kathleen K. Murphy - Harbinger Capital Kathleen Murphy - Harbinger Capital Hedge Fund
Kathleen K. Murphy - Senior Vice President & Product Specialist, Harbinger Capital Partners
Kathleen K. Murphy - Harbinger Capital Partners - Kathleen K. Murphy
Kathleen K. Murphy - Harbinger Capital Partners - Kathleen K. Murphy
Saturday, July 16, 2011
Harbinger Capital Investments LLC - Philip Falcone - Harbinger Capital Partner Funds - Lightsquared - Philip Falcone
Philip Falcone - Harbinger Capital Senior Managing Director, Harbinger Capital Investments LLC
Philip Falcone is the Senior Managing Director of the Harbinger Capital Partner Funds.
Philip Falcone, Harbinger Capital Partner Funds, Lightsquared, Harbinger Capital has more than 20 years experience in leveraged finance and leveraged companies.
Prior to joining the Harbinger Capital Partners investment team, Philip Falcone, Harbinger Capital Partner Funds, Lightsquared, Harbinger Capital served as head of High Yield trading for Barclay's Capital.
From 1998 to 2000, Philip Falcone, Harbinger Capital Partner Funds, Lightsquared, Harbinger Capital managed all aspects of Barclay's trading operations, including trading distressed and special situations, managing risk exposure of the desk, and overseeing the desk trading and analytical team.
Philip Falcone, Harbinger Capital Partner Funds, Lightsquared, Harbinger Capital held a similar position with Gleacher Natwest, Inc. from 1997 to 1998.
Prior to joining Gleacher, Philip Falcone, Harbinger Capital Partner Funds, Lightsquared, Harbinger Capital was a Senior High Yield trader at First Union Capital Markets in Charlotte, North Carolina.
Before joining First Union in 1995, Philip Falcone, Harbinger Capital Partner Funds, Lightsquared, Harbinger Capital structured the leveraged buyout of AAB Manufacturing Corporation, a Newark, NJ based consumer products manufacturing company.
Philip Falcone, Harbinger Capital Partner Funds, Lightsquared, Harbinger Capital completed this transaction in 1990 and remained President and Chief Operating Officer of the company until 1995.
Philip Falcone, Harbinger Capital Partner Funds, Lightsquared, Harbinger Capital began his career in 1985, trading high yield and distressed securities at Kidder, Peabody Co.
Philip Falcone, Harbinger Capital Partner Funds, Lightsquared, Harbinger Capital earned a Bachelor of Arts degree in Economics from Harvard University in 1984.
topics.wsj.com/person/F/philip-a-falcone
Tuesday, July 12, 2011
Harbinger Group Inc., Omar Asali, Philip Falcone, Harbinger Capital Partners - Omar Asali announced as Harbinger Group Inc. President. Harbinger Capital Partners
Harbinger Group Inc. (“HGI” or the “Company”; NYSE: HRG) announced that Omar Asali has been appointed acting President of Harbinger Group Inc. (, and is expected to be appointed President subject to approval by the Board of Directors of Harbinger Group Inc. (.
Omar Asali, Harbinger Group Inc. has served as a Director of the Harbinger Group Inc. since May 2011. Omar Asali, Harbinger Group Inc. is also a Managing Director and Head of Global Strategy for Harbinger Capital Partners and Omar Asali, Harbinger Group Inc. is responsible for its global portfolio and business strategy of Harbinger Group Inc.
Philip Falcone, who was President of Harbinger Group Inc., will continue to serve as the Chairman of the Board and Chief Executive Officer of Harbinger Group Inc.
Philip Falcone, Harbinger Group Inc. said “Omar’s appointment significantly strengthens the management team for building HGI, and I look forward to working with him to take the Company forward,” - Philip Falcone, Chief Executive Officer and Chief Investment Officer. Harbinger Group Inc. - Harbinger Capital Partners
Philip Falcone, Harbinger Group Inc. Said, "I have known Omar Asali for almost 10 years and have complete confidence in Omar Asali's management skills and Omar Asali 's ability to lead and build organizations. I believe his business and financial acumen will contribute significantly to our future growth and value-creation potential.”
Prior to joining Harbinger Capital Partners in 2009, Omar Asali, Harbinger Group Inc. - Harbinger Capital Partners was co-head of Goldman Sachs Hedge Fund Strategies (“HFS”), where Omar Asali, Harbinger Group Inc. - Harbinger Capital Partners helped to manage capital allocated to external managers.
Omar Asali, Harbinger Group Inc. also served as co-chair of the Investment Committee at HFS. Before joining HFS in 2003,Omar Asali, Harbinger Group Inc. - Harbinger Capital Partners worked in Goldman Sachs’ Investment Banking Division, where Omar Asali, Harbinger Group Inc. - Harbinger Capital Partners provided merger and acquisition and strategic advisory services. Omar Asali, Harbinger Group Inc. - Harbinger Capital Partners began his career in public accounting as a C.P.A.
Omar Asali, Harbinger Group Inc. - Harbinger Capital Partners received an M.B.A. from Columbia Business School and a B.S. in Accounting from Virginia Tech.
About Harbinger Group Inc.
Harbinger Group Inc. is a diversified holding company. Harbinger Group Inc.’s principal operations are conducted through subsidiaries that offer life insurance and annuity products, and branded consumer products such as batteries, pet supplies, home and garden control products, personal care and small appliances.
Harbinger Group Inc. focuses on opportunities in these sectors as well as financial products, telecommunications, agriculture, power generation and water and natural resources.
Harbinger Group Inc.makes certain reports available free of charge the Harbinger Group Inc. website at www.harbingergroupinc.com as soon as reasonably practicable.
Tuesday, March 15, 2011
DBSD Goes to DISH ?
"
Judge Says DBSD Can Move Forward With Sale To Dish Network
By Joseph Checkler, Of DOW JONES DAILY BANKRUPTCY REVIEW
NEW YORK -(Dow Jones)- A judge on Tuesday said DBSD North America Inc. can move forward with an agreement to sell itself to Dish Network Corp. (DISH), after the companies struck an amended deal that would pay all of DBSD's unsecured creditors in full.
"The bottom line is very, very favorable for the creditor community," Judge Robert E. Gerber of U.S. Bankruptcy Court in Manhattan said.
Ryan Bennett of Kirkland & Ellis LLP, a lawyer for DBSD, said the company held an auction for DBSD's assets in March and that Dish's $1.4 billion offer was superior to others. In February, Dish had offered $1.1 billion.
Phil Falcone's Harbinger Capital Partners hedge-fund firm and fellow investment company Solus Alternative Asset Management, which earlier this month filed a competing plan for the company, weren't present in court Tuesday according to DBSD and its creditors.
Lawyers for DBSD's unsecured creditors and DBSD Parent ICO Global Communications Holdings Ltd. spoke in support of the plan, and a lawyer for long-time objecting creditor Sprint Nextel Corp. (S) said he will at the moment "take everyone's word for it" that a Sprint claim will be paid in full.
Sprint said it is owed more than $104 million for a satellite license agreement, an amount that could result in either a court fight or a settlement. The Dish agreement proposes a $40 million settlement that Sprint could take immediately.
"I really think this is a win-win for everybody," said Steven J. Reisman of Curtis, Mallet-Prevost, Colt & Mosle LLP, a lawyer for DBSD's official committee of unsecured creditors.
The amended agreement between DBSD and Dish still must be confirmed by the court and requires approval from the Federal Communications Commission. As part of approving the two sides to go forward with the plan, Gerber also gave the go- ahead for DBSD to replace its existing bankruptcy loan from Dish with a new $ 87.5 million debtor-in-possession loan.
DBSD, a unit of ICO, filed for bankruptcy in 2009 and had its plan confirmed by Gerber.
That plan called for bondholders to swap $740 million in debt for a 95% stake in the reorganized company. Dish, the sole holder of $40 million in first-lien loans, would have had its debt continued with the new company under amended terms.
But both Dish and Sprint objected to the confirmation, and they got their wish in late 2010 when a court overturned it. Dish had called the plan unfeasible, and Sprint objected to the way the plan ranked it lower than other creditors.
DBSD, based in Reston, Va., is developing a system that combines both satellite and terrestrial communications capabilities for wireless voice, data and Internet services.
Dish is controlled by satellite-television mogul Charles Ergen, who also is seeking to use his other publicly traded company, EchoStar Corp., (SATS) to bring TerreStar Networks Inc. out of bankruptcy.
Falcone and Solus are both also involved in the TerreStar case, and had said in their competing offer for DBSD that they were interested in a DBSD/TerreStar merger. An attorney for Harbinger declined to comment."
Source
Loral Corporation Web Stat
San Jose, California, United States
Loral Corporation (158.184.68.227) [Label IP Address]
www.investigativeblogger.com/2011/02/unredacted-space-systemsloral-inc.html
www.investigativeblogger.com/2011/02/unredacted-space-systemsloral-inc.html
www.google.com/custom?hl=en&client=pub- 8993703457585266 &cof=
FORID%3A13%3BAH%3Aleft%3BS%3Ahttp%3A%2F%2Fwww.blackle.com
So Loral Corp Used Blackle.com to Search and under Google Pub number as above.. and they read about the
unredacted Loral Contract. Hmmmm..
Loral Corporation (158.184.68.227) [Label IP Address]
www.investigativeblogger.com/2011/02/unredacted-space-systemsloral-inc.html
www.investigativeblogger.com/2011/02/unredacted-space-systemsloral-inc.html
www.google.com/custom?hl=en&client=pub- 8993703457585266 &cof=
FORID%3A13%3BAH%3Aleft%3BS%3Ahttp%3A%2F%2Fwww.blackle.com
So Loral Corp Used Blackle.com to Search and under Google Pub number as above.. and they read about the
unredacted Loral Contract. Hmmmm..
Nokia Siemens Networks
Irving, Texas, United States
Nokia Group Networks (192.100.108.228) [Label IP Address]
www.investigativeblogger.com/search/label/TerreStar%20Corp.%20Bankruptcy
www.investigativeblogger.com/search/label/TerreStar%20Corp.%20Bankruptcy
www.ethicscomplaint.com/
Nokia Group Networks (192.100.108.228) [Label IP Address]
www.investigativeblogger.com/search/label/TerreStar%20Corp.%20Bankruptcy
www.investigativeblogger.com/search/label/TerreStar%20Corp.%20Bankruptcy
www.ethicscomplaint.com/
Sunday, March 13, 2011
Deutsche Telekom Googles Lightsquared Sprint
Steinheim, Baden-wurttemberg, Germany
Deutsche Telekom Ag (87.180.52.77) [Label IP Address]
www.investigativeblogger.com/2011/03/deutsche-t Telcom-sprint-t-mobile.html
www.investigativeblogger.com/2011/03/deutsche-telcom-sprint-t-mobile.html
www.google.de/search?as_q=lightsquared sprint
Deutsche Telekom Ag (87.180.52.77) [Label IP Address]
www.investigativeblogger.com/2011/03/deutsche-t Telcom-sprint-t-mobile.html
www.investigativeblogger.com/2011/03/deutsche-telcom-sprint-t-mobile.html
www.google.de/search?as_q=lightsquared sprint
Saturday, March 12, 2011
Harbinger Group Inc. Financials
"Harbinger Group Inc. Announces Full Year 2010 Financial Results
Harbinger Group Inc. (“HGI”; NYSE: HRG) today announced its consolidated financial results for the year ended December 31, 2010. HGI reported a net loss of $22.3 million or $(1.16) per share as a result of costs incurred in implementing its business strategy including interest expense in connection with the raising of capital.
During 2010, HGI announced its first transaction in line with its strategy to acquire significant equity stakes in businesses across a diversified range of industries. HGI acquired a majority interest in global consumer products company Spectrum Brands Holdings, Inc. in a share exchange completed in January 2011.
Additionally, in November 2010 HGI completed it’s offering of $350 million aggregate principal amount of 10.625% Senior Secured Notes due 2015. Including these proceeds, the combined value of HGI's cash, cash equivalents and short-term investments as of December 31, 2010 is $471.1 million, which includes $360.1 million of restricted cash. The restricted cash became unrestricted with the subsequent completion of the Spectrum share exchange.
On March 7, 2011, HGI announced its second major transaction in line with its overall strategy. HGI has acquired Harbinger OM, LLC, which is the purchasing party to a definitive agreement to acquire Old Mutual U.S. Life Holdings, Inc. (“U.S. Life”) for $350 million.
The purchase price represents approximately 39% of U.S. Life’s statutory capital as of December 31, 2010. U.S. Life is a leading provider of fixed annuity and life insurance products. The acquisition of U.S. Life is expected to close around the end of HGI’s second fiscal quarter ending April 3, 2011, after receipt of regulatory approvals. The purchase price will be funded from cash on hand.
HGI’s net loss for the year ended December 31, 2010 increased $9.0 million from $13.3 million for the year ended December 31, 2009. The increase in net loss principally resulted from increases in professional fees associated with advisors retained to evaluate business acquisition opportunities, such as Spectrum Brands Holdings, Inc., and the related public company filings, interest expense on its $350 million Senior Secured Notes and to a much lesser extent, employee and other costs associated with relocating the corporate headquarters to New York City.
About Harbinger Group Inc.
HGI is a holding company that seeks to acquire significant interests in businesses across a diverse range of industries and bring an owner's perspective to building long-term value for stockholders.
As of December 31, 2010, HGI had $471.1 million in consolidated cash, cash equivalents and short-term investments, which includes $360.1 million in restricted cash that has subsequently become unrestricted. A majority of HGI's outstanding common stock is owned by investment funds affiliated with Harbinger Capital Partners LLC. HGI makes certain reports available free of charge on its website at www.harbingergroupinc.com as soon as reasonably practicable after this information is electronically filed, or furnished to, the United States Securities and Exchange Commission.
About Harbinger Capital Partners
Harbinger Capital Partners is a multi-billion dollar private investment fund based in New York. The firm was founded in 2001 and employs a fundamental approach to deep value and distressed credit investing. Harbinger Capital Partners is led by Philip A. Falcone, its Chief Executive Officer, who has more than 20 years of investment experience across an array of market cycles.
About Spectrum Brands Holdings, Inc.
Spectrum Brands Holdings, Inc., a member of the Russell 2000 Index, is a global consumer products company and a leading supplier of batteries, shaving and grooming products, personal care products, small household appliances, specialty pet supplies, lawn & garden and home pest control products, personal insect repellents and portable lighting. Helping to meet the needs of consumers worldwide, included in its portfolio of widely trusted brands are Rayovac®, Remington®, Varta®, George Foreman®, Black&Decker Home®, Toastmaster®, Tetra®, Marineland®, Nature's Miracle®, Dingo®, 8-in-1®, Littermaid®, Spectracide®, Cutter®, Repel®, and HotShot®. Spectrum Brands Holdings' products are sold by the world's top 25 retailers and are available in more than one million stores in more than 120 countries around the world. Spectrum Brands Holdings generates annual net sales in excess of $3 billion. For more information, visit www.spectrumbrands.com.
About Old Mutual U.S. Life Holdings, Inc. and the U.S. Life Acquisition
U.S. Life, through its insurance subsidiaries, is a leading provider of fixed annuity and life insurance products, with approximately 800,000 policyholders in the U.S. and a distribution network of approximately 300 independent marketing organizations representing approximately 24,000 agents nationwide.
Mr. Lee Launer will become Chairman and Chief Executive Officer of U.S. Life upon completion of the acquisition. The acquisition of U.S. Life will be made pursuant to a stock purchase agreement signed by Harbinger OM, LLC with OM Group (UK) Limited in August 2010, as amended in February 2011.
Following extensive review and unanimous approval by a special committee of HGI's board of directors, consisting solely of independent directors, HGI accepted an offer from an affiliate of Harbinger Capital Partners to acquire Harbinger OM, LLC and its right to acquire 100% of U.S. Life for $350 million (subject to potential decrease post-closing). HGI has agreed to reimburse Harbinger for certain of its out-of-pocket expenses incurred in connection with the transaction.
The special committee received an opinion of Gleacher & Company Securities, Inc. that the consideration to be paid in the U.S. Life acquisition is fair to HGI from a financial point of view.
The U.S. Life acquisition is subject to customary closing conditions for similar transactions, including receipt of approval by the Maryland and New York insurance departments.
“Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995: Some of the statements contained in this press release may be forward-looking statements based upon management's current expectations that are subject to risks and uncertainties that could cause actual results, events and developments to differ materially from those set forth in or implied by the forward-looking statements.
These statements and other forward-looking statements made from time-to-time by Harbinger Group Inc. (the “Company”) are based upon certain assumptions and describe future plans, strategies and expectations of the Company and are generally identifiable by use of the words "believes," "expects," "intends," "anticipates," "plans," "seeks," "estimates," "projects," "may" or similar expressions.
Factors that could cause actual results, events and developments to differ include, without limitation, capital market conditions, the risk that the Company may not be successful in identifying any suitable future acquisition opportunities, the risks that may affect the performance of Spectrum Brands Holdings, Inc, and those factors listed under the caption "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2010.
All forward-looking statements made herein are qualified by these cautionary statements and there can be no assurance that the actual results, events or developments referenced herein will occur or be realized. The Company does not undertake any obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
HARBINGER GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Years Ended December 31,
2010 2009
Revenues $ - $ -
Cost of revenues - -
Gross profit - -
Operating expenses:
General and administrative 18,846 6,290
Total operating expenses 18,846 6,290
Operating loss (18,846 ) (6,290 )
Other income (expense):
Interest expense (4,963 ) -
Interest income 220 229
Other, net 523 1,280
(4,220 ) 1,509
Loss before income taxes (23,066 ) (4,781 )
(Provision for) benefit from income taxes 758 (8,566 )
Net loss (22,308 ) (13,347 )
Less: Net loss attributable to the noncontrolling interest 3 3
Net loss attributable to Harbinger Group Inc. $ (22,305 ) $ (13,344 )
Net loss per common share - basic and diluted $ (1.16 ) $ (0.69 )
Weighted average common shares outstanding - basic and diluted 19,286 19,280
HARBINGER GROUP INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)
December 31,
2010
December 31,
2009
ASSETS
Current assets:
Cash and cash equivalents $ 39,311 $ 127,932
Short-term investments 71,688 15,952
Prepaid expenses and other current assets 799 530
Total current assets 111,798 144,414
Restricted cash 360,133 -
Long-term investments - 8,039
Property and equipment, net 137 35
Debt issuance costs, net 11,395 -
Other assets 471 395
Total assets $ 483,934 $ 152,883
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable $ 2,728 $ 593
Accrued and other current liabilities 7,414 1,874
Total current liabilities 10,142 2,467
Long-term debt 345,146 -
Pension liabilities 3,611 3,519
Other liabilities 709 1,100
Total liabilities 359,608 7,086
Commitments and contingencies
Harbinger Group Inc. stockholders' equity:
Common stock 193 193
Additional paid in capital 132,773 132,638
Retained earnings 1,543 23,848
Accumulated other comprehensive loss (10,210 ) (10,912 )
Total Harbinger Group Inc. stockholders' equity 124,299 145,767
Noncontrolling interest 27 30
Total equity 124,326 145,797
Total liabilities and equity $ 483,934 $ 152,883
APCO Worldwide
Jeff Zelkowitz, 646-218-8744
jzelkowitz@apcoworldwide.com
or
Harbinger Group Inc.
Francis T. McCarron, CFO, 212-906-8560
investorrelations@harbingergroupinc.com "
Source
http://www.morningstar.com/newsview-1/--BW--20110311005971_univ.xml.shtml
Harbinger Group Inc. (“HGI”; NYSE: HRG) today announced its consolidated financial results for the year ended December 31, 2010. HGI reported a net loss of $22.3 million or $(1.16) per share as a result of costs incurred in implementing its business strategy including interest expense in connection with the raising of capital.
During 2010, HGI announced its first transaction in line with its strategy to acquire significant equity stakes in businesses across a diversified range of industries. HGI acquired a majority interest in global consumer products company Spectrum Brands Holdings, Inc. in a share exchange completed in January 2011.
Additionally, in November 2010 HGI completed it’s offering of $350 million aggregate principal amount of 10.625% Senior Secured Notes due 2015. Including these proceeds, the combined value of HGI's cash, cash equivalents and short-term investments as of December 31, 2010 is $471.1 million, which includes $360.1 million of restricted cash. The restricted cash became unrestricted with the subsequent completion of the Spectrum share exchange.
On March 7, 2011, HGI announced its second major transaction in line with its overall strategy. HGI has acquired Harbinger OM, LLC, which is the purchasing party to a definitive agreement to acquire Old Mutual U.S. Life Holdings, Inc. (“U.S. Life”) for $350 million.
The purchase price represents approximately 39% of U.S. Life’s statutory capital as of December 31, 2010. U.S. Life is a leading provider of fixed annuity and life insurance products. The acquisition of U.S. Life is expected to close around the end of HGI’s second fiscal quarter ending April 3, 2011, after receipt of regulatory approvals. The purchase price will be funded from cash on hand.
HGI’s net loss for the year ended December 31, 2010 increased $9.0 million from $13.3 million for the year ended December 31, 2009. The increase in net loss principally resulted from increases in professional fees associated with advisors retained to evaluate business acquisition opportunities, such as Spectrum Brands Holdings, Inc., and the related public company filings, interest expense on its $350 million Senior Secured Notes and to a much lesser extent, employee and other costs associated with relocating the corporate headquarters to New York City.
About Harbinger Group Inc.
HGI is a holding company that seeks to acquire significant interests in businesses across a diverse range of industries and bring an owner's perspective to building long-term value for stockholders.
As of December 31, 2010, HGI had $471.1 million in consolidated cash, cash equivalents and short-term investments, which includes $360.1 million in restricted cash that has subsequently become unrestricted. A majority of HGI's outstanding common stock is owned by investment funds affiliated with Harbinger Capital Partners LLC. HGI makes certain reports available free of charge on its website at www.harbingergroupinc.com as soon as reasonably practicable after this information is electronically filed, or furnished to, the United States Securities and Exchange Commission.
About Harbinger Capital Partners
Harbinger Capital Partners is a multi-billion dollar private investment fund based in New York. The firm was founded in 2001 and employs a fundamental approach to deep value and distressed credit investing. Harbinger Capital Partners is led by Philip A. Falcone, its Chief Executive Officer, who has more than 20 years of investment experience across an array of market cycles.
About Spectrum Brands Holdings, Inc.
Spectrum Brands Holdings, Inc., a member of the Russell 2000 Index, is a global consumer products company and a leading supplier of batteries, shaving and grooming products, personal care products, small household appliances, specialty pet supplies, lawn & garden and home pest control products, personal insect repellents and portable lighting. Helping to meet the needs of consumers worldwide, included in its portfolio of widely trusted brands are Rayovac®, Remington®, Varta®, George Foreman®, Black&Decker Home®, Toastmaster®, Tetra®, Marineland®, Nature's Miracle®, Dingo®, 8-in-1®, Littermaid®, Spectracide®, Cutter®, Repel®, and HotShot®. Spectrum Brands Holdings' products are sold by the world's top 25 retailers and are available in more than one million stores in more than 120 countries around the world. Spectrum Brands Holdings generates annual net sales in excess of $3 billion. For more information, visit www.spectrumbrands.com.
About Old Mutual U.S. Life Holdings, Inc. and the U.S. Life Acquisition
U.S. Life, through its insurance subsidiaries, is a leading provider of fixed annuity and life insurance products, with approximately 800,000 policyholders in the U.S. and a distribution network of approximately 300 independent marketing organizations representing approximately 24,000 agents nationwide.
Mr. Lee Launer will become Chairman and Chief Executive Officer of U.S. Life upon completion of the acquisition. The acquisition of U.S. Life will be made pursuant to a stock purchase agreement signed by Harbinger OM, LLC with OM Group (UK) Limited in August 2010, as amended in February 2011.
Following extensive review and unanimous approval by a special committee of HGI's board of directors, consisting solely of independent directors, HGI accepted an offer from an affiliate of Harbinger Capital Partners to acquire Harbinger OM, LLC and its right to acquire 100% of U.S. Life for $350 million (subject to potential decrease post-closing). HGI has agreed to reimburse Harbinger for certain of its out-of-pocket expenses incurred in connection with the transaction.
The special committee received an opinion of Gleacher & Company Securities, Inc. that the consideration to be paid in the U.S. Life acquisition is fair to HGI from a financial point of view.
The U.S. Life acquisition is subject to customary closing conditions for similar transactions, including receipt of approval by the Maryland and New York insurance departments.
“Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995: Some of the statements contained in this press release may be forward-looking statements based upon management's current expectations that are subject to risks and uncertainties that could cause actual results, events and developments to differ materially from those set forth in or implied by the forward-looking statements.
These statements and other forward-looking statements made from time-to-time by Harbinger Group Inc. (the “Company”) are based upon certain assumptions and describe future plans, strategies and expectations of the Company and are generally identifiable by use of the words "believes," "expects," "intends," "anticipates," "plans," "seeks," "estimates," "projects," "may" or similar expressions.
Factors that could cause actual results, events and developments to differ include, without limitation, capital market conditions, the risk that the Company may not be successful in identifying any suitable future acquisition opportunities, the risks that may affect the performance of Spectrum Brands Holdings, Inc, and those factors listed under the caption "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2010.
All forward-looking statements made herein are qualified by these cautionary statements and there can be no assurance that the actual results, events or developments referenced herein will occur or be realized. The Company does not undertake any obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
HARBINGER GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Years Ended December 31,
2010 2009
Revenues $ - $ -
Cost of revenues - -
Gross profit - -
Operating expenses:
General and administrative 18,846 6,290
Total operating expenses 18,846 6,290
Operating loss (18,846 ) (6,290 )
Other income (expense):
Interest expense (4,963 ) -
Interest income 220 229
Other, net 523 1,280
(4,220 ) 1,509
Loss before income taxes (23,066 ) (4,781 )
(Provision for) benefit from income taxes 758 (8,566 )
Net loss (22,308 ) (13,347 )
Less: Net loss attributable to the noncontrolling interest 3 3
Net loss attributable to Harbinger Group Inc. $ (22,305 ) $ (13,344 )
Net loss per common share - basic and diluted $ (1.16 ) $ (0.69 )
Weighted average common shares outstanding - basic and diluted 19,286 19,280
HARBINGER GROUP INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)
December 31,
2010
December 31,
2009
ASSETS
Current assets:
Cash and cash equivalents $ 39,311 $ 127,932
Short-term investments 71,688 15,952
Prepaid expenses and other current assets 799 530
Total current assets 111,798 144,414
Restricted cash 360,133 -
Long-term investments - 8,039
Property and equipment, net 137 35
Debt issuance costs, net 11,395 -
Other assets 471 395
Total assets $ 483,934 $ 152,883
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable $ 2,728 $ 593
Accrued and other current liabilities 7,414 1,874
Total current liabilities 10,142 2,467
Long-term debt 345,146 -
Pension liabilities 3,611 3,519
Other liabilities 709 1,100
Total liabilities 359,608 7,086
Commitments and contingencies
Harbinger Group Inc. stockholders' equity:
Common stock 193 193
Additional paid in capital 132,773 132,638
Retained earnings 1,543 23,848
Accumulated other comprehensive loss (10,210 ) (10,912 )
Total Harbinger Group Inc. stockholders' equity 124,299 145,767
Noncontrolling interest 27 30
Total equity 124,326 145,797
Total liabilities and equity $ 483,934 $ 152,883
APCO Worldwide
Jeff Zelkowitz, 646-218-8744
jzelkowitz@apcoworldwide.com
or
Harbinger Group Inc.
Francis T. McCarron, CFO, 212-906-8560
investorrelations@harbingergroupinc.com "
Source
http://www.morningstar.com/newsview-1/--BW--20110311005971_univ.xml.shtml
Friday, March 11, 2011
DBSD Bankruptcy - Declaration of Stephen Blauner - Alternate Biddder List
Henkin Signature.. More Coming Soon.. on that
Thursday, March 10, 2011
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Stats..
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Headquarters, Usaisc (155.75.6.254) [Label IP Address]
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www.investigativeblogger.com/search/label/Philip%20Falcone
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www.investigativeblogger.com/search/label/Philip%20Falcone
www.investigativeblogger.com/search/label/Philip%20Falcone
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