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Harbinger Group Inc Reports Operating Results (10-K)
Posted by: gurufocus (IP Logged)
Date: March 11, 2011 05:26PM
Harbinger Group Inc (HRG) filed Annual Report for the period ended 2010-12-31.
Highlight of Business Operations:
We are a holding company that is majority owned by Harbinger Capital Partners Master Fund I, Ltd. (the Harbinger Master Fund), a Cayman Islands exempted company, Harbinger Capital Partners Special Situations Fund, L.P., a Delaware limited partnership, and Global Opportunities Breakaway Ltd., a Cayman Islands exempted company (collectively, the Harbinger Parties or Principal Stockholders). We were incorporated in Delaware in 1954 under the name Zapata Corporation and reincorporated in Nevada in April 1999 under the same name. On December 23, 2009, we reincorporated in Delaware under the name Harbinger Group Inc. (the Reincorporation Merger). As of December 31, 2010, we had approximately $471.1 million in cash, cash equivalents and short-term investments (of which $360.1 was restricted pending the completion of the Spectrum Brands Acquisition, described below). Our common stock trades on the New York Stock Exchange (or NYSE) under the symbol HRG. Our principal executive offices are located at 450 Park Avenue, 27th Floor, New York, New York 10022. Our fixed assets, property and equipment located at this office total $137,000, net of depreciation.
On January 7, 2011, we issued approximately 119.9 million shares of our common stock to the Harbinger Parties in exchange for approximately 27.8 million shares of common stock of SB Holdings (the Spectrum Brands Acquisition), as contemplated by the Contribution and Exchange Agreement, as amended (the Exchange Agreement), dated as of September 10, 2010. As a result of the Spectrum Brands Acquisition, we own a controlling interest in SB Holdings, with a current market value of approximately $928 million (as of January 14, 2011) and the Harbinger Parties own approximately 93.3% of our outstanding common stock. On March 7, 2011, we entered into an agreement with the Harbinger Master Fund to acquire Harbinger OM, LLC (HOM) and the sole outstanding Ordinary Share of FS Holdco Ltd., and to indirectly assume the rights and obligations of HOM to acquire for $350 million all of the capital stock of Old Mutual U.S. Life Holdings, Inc. (U.S. Life). See Notes 15 and 17 of our accompanying consolidated financial statements, referenced in Item 8 of this report, for additional information regarding the Spectrum Brands Acquisition and the March 7, 2011 agreement.