Falcone stepping down as Harbinger Group chairman
Hedge fund billionaire Phil Falcone has taken the phrase «get while the getting is good» a little too seriously.
Falcone is parting ways with his publicly traded holding company, Harbinger Group Inc. HGI, despite the fact that it may be the best asset in his portfolio right now.
He will step down as HGI’s CEO and chairman effective Dec. 1, the company said on Tuesday. HGI is known for buying up canada goose factory outlet companies on the cheap, like lingerie peddler Frederick’s of Hollywood and Spectrum Brands, which oversees the George Foreman grill.
Falcone will pocket $40 million as a going away gift, including a $20.5 million onetime payment and canada goose coats on sale bonus monies owed to him, HGI said. HGI’s new chairman, Joseph Steinberg, thanked Falcone canada goose outlet in a statement for helping grow the company to its $2.6 billion market value, up from $140 million in canada goose outlet 2009.
«We thank Phil for his many years of hard work and leading HGI,» said Steinberg, who’s also president Canada Goose Online of Canada Goose online one of HGI’s largest investors, Leucadia National.
Falcone canada goose outlet nyc remains the second largest shareholder in HGI, even canada goose outlet shop after selling 5 million shares on Monday to boost Leucadia’s stake to 45 million shares from 41.6 million, sources said.
By contrast, some of Falcone’s other assets are losing steam. His hedge fund, canada goose outlet sale Harbinger Capital, which once boasted $26 billion in assets, fell to $3 billion amid a regulatory probe last year.
The fund was recently placed under the supervision of a government appointed monitor to watch over remaining investor redemptions.
Falcone agreed to the monitor to end his battle with the Canada Goose Jackets Securities and Exchange goose outlet canada Commission, which accused him of an buy canada goose jacket improper $113 million withdrawal, among other bad acts.
Falcone is also struggling canada goose outlet reviews to revive bankrupt wireless company LightSquared. He and other Harbinger Capital officials resigned from the company’s board earlier this year. Meanwhile, creditors have presented plans to give control of the restructured company to Falcone’s nemesis, canada goose black friday sale Dish Chairman Charlie Ergen.
Some investors, including Leucadia, wanted canada goose the C Suite reshuffling to boost the stock price, Bloomberg News reported.
But an HGI official told The Post that investors have been expressing nothing but pleasure in Falcone’s leadership. including double digit returns in the latest fiscal year.
Falcone also pooh poohed speculation that he was pushed out. canada goose outlet online «This was my idea canadian goose jacket not theirs,» he said.
Shares of HGI traded buy canada goose jacket cheap up 3.5 percent on Tuesday to close at 13.36 a share. The stock is up 90 percent over five years ago, when Falcone took over.
The 52 year old former college canada goose outlet uk sale hockey player said he plans to focus his attention on HC2, https://www.rheingoenheim-info.de a new holding company that trades in the pink sheets. HC2’s recent deal to buy steel worker Schuff International, whose projects include the new headquarters for Apple Inc., has already resulted in a lawsuit.
In a suit filed in Delaware Chancery Court, angry Schuff shareholders accused Falcone’s HC2 of buying the steel company canada goose outlet online uk on the cheap, at $31.50 a share canada goose outlet canada.
Дата публикации: 03-10-2015