Harbinger Buys 10% of Palm
Twitter for Blackberry was released on last Thursday and today comes news that Harbinger Capital has purchased almost 10% of Palm's stock. The news might not be as good as it seems, however.
As we mentioned a few days back, the iPhone and Android aren't the only game in town when it comes to handheld devices.
Palm's SEC disclosure indicates Harbinger, a New York-based private hedge fund, has purchased 16 million shares of Palm common stock.
This purchase totals "9.48% (of total Palm stock) based on 168,755,045 shares outstanding as of March 26, 2010."
Because it was a common stock purchase, it does not come with voting rights, and the purchase did not have a significant effect on Palm stock, which was up 3.1% at the end of trading.
Palm has reportedly secured Goldman Sachs in order to lure a buyer for the struggling company.