Wednesday, November 21, 2012

Harbinger Group, I Smell Smoke.

An interesting word I came across recently used to describe the role of certain hedge fund managers undertaking the tall task of rebuilding structured finance products which have come into expiry: “Revisionary”. 

Repackaging pools of shit, laundering them into the market, and then marking them up as close to outer space as possible before  structuring a short and dumping it all in grandma Millie’s retirement account... sounds like a 5 year revision.

As if there wasn’t enough evidence that shareholders were going to get steamrolled... then comes that EXCO 8k.  Oh My Gawd.  When conflicts of interests are disclosed to this degree, it might as well be a license to steal!

Its starting to look to me like the end is near.  The thing is literally a house of cards, alive only due to luck that its managed to stay beneath the radar under the radar this long.  Although that may have changed as of yesterday,
Harbinger Group's Sum-of-Parts Does Not Add Up

I will find some time to write more perhaps this weekend, in the meantime here are some charts and pictures you might find interesting.  There is so much here as far as danger it makes me laugh.

Monday, November 12, 2012

Frontstreet Re...The smell of fish and unreturned emails.

I find it a bit strange I have been unable to get answers in regards to the investment adviser of Fidelity and Guaranty Life's Annuity Plans as well as the creation and capital of Fronstreet Re. Someone should call the Regs.

Unreturned Emails to Frontstreet Re, F and G Life and Harbinger regarding Frontstreet Re:  

John Tweedie at Frontstreet Re

Jean Lemay and Will Rinehimer at Frontstreet Re

Terra at Harbinger

F and G Life (Bounced Back)

A link to Frontstreet Re's website.

Friday, November 2, 2012

Harbinger Group Inc, Spectrum Brands, and Philip Falcone’s next LightSquared

Harbinger Group Inc, Spectrum Brands, and Philip Falcone’s next LightSquared

I really have to say the more I look into this the more it looks to me like Falcone got his hand caught in the cookie jar.  In this report I will highlight some fillings and market assumptions I find to be a problem.  I have put in bold and underlined the relevant points in the paragraphs to save time.

I suggest you read my first write up on HGI, SPB, and F&G first.  

I’ll jump back and forth but a couple highlights scattered within:

  • A fully disclosed rigged game; insiders have absolute control, motives counter to shareholders, almost zero fiduciary duty owed to equity holders, players with history of self dealing, and the comical disclosure about destroying documents.
  • What could/will start the domino affect and lead to collapse of house of cards.
  • Is Falcone to Fidelity and Guaranty Life like Jon Corzine was to MF Global?