On the heels of dumping 5 million shares of New York Times stock last week, hedge fund Harbinger Capital Partners is now planning to sell 20 million shares of power producer Calpine.
Harbinger is Calpine’s largest shareholder. The closing of the offering is scheduled for Sept. 28 and Morgan Stanley is the sole underwriter, according to an SEC filing.
After the sale, Phil Falcone’s fund will have a 12.5% stake in Calpine.
A spokesman for Harbinger said: “We are strong believers in Calpine’s business model and like the company’s long-term prospects. We are committed shareholders and Calpine remains a core holding in our portfolio.”
He declined to comment beyond that.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.