Harbinger Capital Partners has sold a 14.1 percent stake in mobile satellite operator Inmarsat for about $652 million, the U.S. hedge fund announced.
    Harbinger sold 65 million shares in the transaction and still holds another 14 percent of Inmarsat, which will be subject to a 180-day lock-up arrangement with Credit Suisse and UBS.
    “Inmarsat has been a terrific investment for Harbinger and its investors,” Harbinger Founder and Fund Manager Philip Falcone said in a statement.
     Harbinger said its two largest investment funds have invested nearly 40 percent of its assets into LTE network company, LightSquared, which plans to use SkyTerra satellites and terrestrial cell towers to deliver broadband service to U.S. customers. Harbinger closed an $850 credit facility with UBS Oct. 3 to support its LightSquared investment.
     Overall, Harbinger Capital Partners said its flagship fund is down about 13 percent, with one of its $2 billion funds down more than 18 percent for the year.