Home Harbinger Buys 10% of Palm

Harbinger Buys 10% of Palm

As we mentioned a few days back, the iPhone and Android aren’t the only game in town when it comes to handheld devices. 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.

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.

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