Hrg Group Inc fka HRG

[levelnever]

Hey riviera, sorry didn't get back to you until now. There is a little bit of confusion among some on this because a difference needs to be made between Harbinger, the public company, and Harbinger, the hedge fund. At the moment, Harbinger the hedge fund has put in around $3 billion into Lightsquared, and yes they are the majority owner of L2, and the ones behind the capital raises etc. At last report, from last fall, the hedge fund said it had no intention of sticking any Lightsquared assets into HRG.

http://www.businessweek.com/magazine/content/10_49/b4206051251677.htm

In theory, Falcone could use shares of Harbinger Group, which is listed on the New York Stock Exchange (NYX), to meet redemptions in his hedge funds, says David Guin, head of the U.S. securities practice at law firm Withers Bergman in New York. Harbinger spokesman Jeffrey Zelkowitz says the proceeds of the bond sale won't be used to cover redemptions or finance investments in LightSquared. "Rather, HGI is a permanent capital vehicle to house longer-term controlling equity stakes in companies that operate across a diversified set of industries."

Of course, you never know. But, instead as the article indicates, they have been sticking in some other assets, Spectrum Brands, Old Mutual Insurance etc., into HRG. Basically they acquired Zapata Corp. in 2009 to have a public company avenue, then changed name to HRG, and have since been making some acquisitions, rolling in assets. They also own 97.9% of the shell stock, ZPCM. Hope that helps, to start with.