Well, looks like Falcone and his Harbinger Capital is at it again. While this technically occurred last week while I was gone, I still want to highlight it. Harbinger has been building up a 6.6% stake in Sunoco (SUN). They make mixed petroleum products and petrochemicals so I have to wager this is a play on oil prices coming down. They filed this as a 13G which was curious, because it means this was a 'passive' stake rather than their normal 13D 'activist' stake. I can only imagine they will eventually flip the activist switch on and turn to their normal rabblerousing days. In their last 13F filing (last quarter) they did not show a position in SUN at all, so this is fairly recent. Just wanted to point this out for all who might be interested because after all, Harbinger is killing it this year, up more than 40% YTD.
Source: StreetInsider.com
Tuesday, August 5, 2008
Harbinger Capital At It Again
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