market folly

Yet again we find ourselves notified of more SEC filings from Philip Falcone's hedge fund Harbinger Capital Partners. As we've detailed numerous times on the blog before, Harbinger has been bustling with portfolio re-shuffling. This time around, they've filed an amended 13D on their position in Solutia (SOA). Due to activity on October 21st, 2009, they are now showing a 6.9% ownership stake with 8,259,053 shares. This is down from their previous total of 8.1% of the company and they have sold 1,342,065 more shares over the past few weeks. As we've noted numerous times, Harbinger has been selling down their stake in SOA and this time is no different.

Philip Falcone runs multi-billion dollar hedge fund Harbinger with a focus on credit, bankruptcies, and proxy fights. While we cannot see their positions in credit markets (the SEC does not require their disclosure), we do cover their equity moves whenever we can. We've detailed all of Harbinger's latest portfolio adjustments so you can get a broader view as to how they're re-tooling.

Taken from Google Finance, Solutia is "a global manufacturer and marketer of a variety of chemical and engineered materials that are used in a range of consumer and industrial applications. The Company maintains a global infrastructure consisting of 25 manufacturing facilities, six technical centers and over 29 sales offices globally, including 14 facilities in the United States."