Harbinger Capital Unloading Everything--Now It Dumps 20 Million Calpine Shares

philip falcone harbinger

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

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.