market folly

Philip Falcone's hedge fund firm Harbinger Capital Partners has recently filed two separate Form 4's with the SEC on Calpine (CPN). In the filings, we see that Harbinger has sold a total of 647,221 shares. On December 7th, they sold 85,600 shares at a price of $11.03. On December 2nd, they sold 336,000 shares at a price of $11.24. The next day on December 3rd, they sold 65,269 shares at a price of $11.19. Lastly, on December 4th, they sold 160,352 shares at $11.02. After all was said and done, Harbinger still owns 39,135,915 shares of CPN direct and 17,856,266 shares on an indirect basis. This comes after Harbinger executed their Calpine offering back in late September. Overall though, their stake in CPN is way down over the past few months as they previously had owned almost 70 million shares.

This news comes after Harbinger recently adjusted two positions as well and Harbinger has been one of the busier hedge funds in terms of SEC filings this year. Philip Falcone runs his $6 billion hedge fund with a focus both on distressed and equity plays and often takes concentrated positions in companies. For more of their recent activity, we put up a post detailing a portfolio update too.

Taken from Google Finance, Calpine is "an independent wholesale power generation company engaged in the ownership and operation of natural gas-fired and geothermal power plants in North America. The Company sells wholesale power, steam, capacity, renewable energy credits and ancillary services to its customers, including industrial companies, retail power providers, utilities, municipalities, independent electric system operators, marketers and others. The Company’s portfolio comprises two types of power generation technologies: natural gas-fired combustion turbines (primarily combined-cycle) and renewable geothermal conventional steam turbines."