Market Folly submits:
In an amended 13D filed with the SEC, Philip Falcone’s hedge fund Harbinger Capital Partners is now showing a 2.21% ownership stake in Calpine (CPN) with 10,000,000 shares. The filing was made due to activity on March 3rd, 2010, and the fine print reads, "This amount consists of Shares that the Reporting Person may be entitled to obtain upon the exercise of options."
Digging into the filing further, we see that Harbinger has acquired options that are exercisable into shares within 60 days for their Master & Special Situations funds, as they bought $18,000 worth of options. This paints a vastly different picture from what we last saw when we looked at Harbinger’s portfolio. After having a dismal 2008, Harbinger had a solid showing last year as they finished up 46.5% as we noted in our 2009 hedge fund performance numbers post.