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July 28, 2015 9:42 PM ET

Capital Markets

Company Overview of Harbinger Capital Partners LLC

Company Overview

Harbinger Capital Partners LLC is a privately owned hedge fund sponsor. The firm invests in the public equity and hedging markets. It makes its investments focusing on distressed opportunities, event-driven situations, restructurings, capital structure arbitrage, and short sales of securities. Harbinger Capital Partners LLC was founded in 2001 and is based in New York, New York.

450 Park Avenue

30th Floor

New York, NY 10022

United States

Founded in 2001

Phone:

212-339-5800

Key Executives for Harbinger Capital Partners LLC

Chief Executive Officer, President, Senior Managing Director, Chief Investment Officer, and Treasurer
Age: 53
Chief Financial Officer and Co-Chief Operating Officer
Age: 40
Managing Director, General Counsel, Co-Chief Operating Officer, and Chief Compliance Officer
Age: 58
Managing Director and Director of Investments
Compensation as of Fiscal Year 2015.

Harbinger Capital Partners LLC Key Developments

Federal Judge Dismisses Lawsuit over Harbinger's LightSquared

A federal judge dismissed a lawsuit accusing Philip Falcone and his Harbinger Capital Partners LLC of misleading investors by taking a majority stake in wireless company LightSquared Inc. without disclosing the investment or its risks. U.S. District Judge Alison Nathan in Manhattan said some claims did not adequately show how Falcone and Harbinger allegedly breached their duties to investors, while other claims were precluded under federal securities law. Once known as SkyTerra Communications Inc, LightSquared filed for bankruptcy protection in May 2012 after the U.S. Federal Communications Commission revoked its spectrum license. Investors accused Falcone and Harbinger of marketing their hedge funds as diversified, but using them to invest USD 3 billion in LightSquared prior to the bankruptcy, without disclosing the new strategy or its risks. They also claimed that Falcone improperly arranged a USD 113.2 million personal loan from his funds, and entered side agreements that provided favored treatment to large investors. A lawyer for Falcone and Harbinger did not immediately respond to requests for comment. A federal bankruptcy judge said LightSquared can emerge from Chapter 11 under the control of Centerbridge Partners LP and Fortress Investment Group LLC. In 2013, Falcone accepted a five-year securities industry ban as part of an USD 18 million settlement of U.S. Securities and Exchange Commission of civil fraud charges. He was still allowed to manage public companies. The case is In re: Harbinger Capital Partners Funds Investor Litigation, U.S. District Court, Southern District of New York, No. 12-01244.

Court Enters Final Judgment by Consent Against SEC Defendants Philip A. Falcone, Harbinger Capital Partners Offshore Manager, Harbinger Capital Partners Special Situations, and Harbinger Capital Partners

The Securities and Exchange Commission announced that, on September 16, 2013, the Honorable Paul A. Crotty, United States District Court Judge for the Southern District of New York, entered a final judgment by consent against Defendants Philip A. Falcone, Harbinger Capital Partners Offshore Manager, L.L.C., Harbinger Capital Partners Special Situations GP, L.L.C., and Harbinger Capital Partners LLC in two related actions. No judgment was entered against Defendant Peter A. Jenson. The final judgment bars Falcone from the securities industry for at least five years. In addition, Falcone and his advisory firm Harbinger Capital Partners agreed to a settlement in which they must pay more than $18 million in disgorgement and penalties and admit wrongdoing. On August 19, 2013, Falcone agreed to a settlement which requires him to pay $6,507,574 in disgorgement, $1,013,140 in prejudgment interest, and a $4 million penalty. The Harbinger entities are required to pay a $6.5 million penalty. Falcone also consented to the entry of a judgment barring him from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical rating organization with a right to reapply after five years. The bar will allow him to assist with the liquidation of his hedge funds under the supervision of an independent monitor.

Harbinger Capital Partners LLC, Harbinger Capital Partners Offshore Manager, L.L.C. and Harbinger Capital Partners Special Situations GP, L.L.C, and Philip A. Falcone Settle with Securities and Exchange Commission

On August 19, 2013, the Securities and Exchange Commission announced that Harbinger Capital Partners LLC, Harbinger Capital Partners Offshore Manager, L.L.C., Harbinger Capital Partners Special Situations GP, L.L.C., and Philip A. Falcone agreed to a settlement with the SEC to resolve all matters related to the two pending civil actions filed by the SEC against the HCP Parties. The two civil actions were previously disclosed by Harbinger Capital Partners. The settlement has been approved by Commissioners of the SEC but remains subject to the approval of the United States District Court for the Southern District of New York. Under the settlement, Mr. Falcone may continue to own and control Harbinger Capital Partners and serve as its Chief Executive Officer and Chairman of its board. The company and its subsidiaries are not parties to the settlement and the duties and obligations described therein are the duties and obligations of the HCP Parties and not of the Company or its subsidiaries.

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