Harbinger Capital Accumulates 6.6% Stake in Sunoco (SUN)

July 28, 2008 11:48 AM EDT
In a 13G filing after the close Friday on Sunoco, Inc. (NYSE: SUN), Philip Falcone's Harbinger Capital disclosed a 6.6% stake (7,732,600 shares) in the company. The hedge fund did not show a stake in Sunoco at the quarter ended 03/31/08. A 13G indicates a 'passive investment.'

Sunoco, Inc., through its subsidiaries, manufactures and markets various petroleum products, including fuels, lubricants, and petrochemicals in the United States.

As of June 1, 2007, Harbinger Capital Partners was managing in excess of $8.7 billion. Harbinger is a disciplined, value investor with an emphasis on intensive credit research. Its focus is on middle market companies that tend to be misunderstood or under-researched by the market. Investment approaches include: Restructuring/Bankruptcy, Turnaround, Liquidation, Event Driven, Capital Structure Arbitrage, Short Sale and Special Situations. Harbinger Capital Partners is a subsidiary of Harbert Management Corporation. Philip Falcone runs Harbinger Capital.

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13Gs

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Harbinger Capital, Harbert Management