After Philip Falcone was investigated by the SEC, his Harbinger Group filed a SEC 13D and reported 53.1% activist stake in Spectrum Brands Holdings, Inc. (SPB) on December 13th. According to the amended 13D filing, through its wholly-owned subsidiary HGI Funding LLC, Harbinger Group entered into a purchase instruction with Credit Suisse Securities and established a trading plan “to effect purchases of up to $30 million in Shares” in Spectrum. Credit Suisse will have the authority to purchase the shares from December 13th, 2011 to May 15th, 2012, or until the Purchase Instruction is terminated ahead.
As of December 13th, 2011, Philip Falcone’s Harbinger Group has nearly $739 million or 27.76 million shares in SPB. The firm reported 27.94 million shares in its third quarter 13F filing.