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Harbinger ups stake in Motient through purchase, exchange agreement
By Lisa Kerner
Charlotte, N.C., March 9 - Harbinger Capital Partners Master Fund I, Ltd. affiliates increased their stake in Motient Corp. with the purchase of 2,050,084 shares of the company's stock priced between $7.50 and $8.02 per share between March 6 and March 7.
The reporting persons beneficially own 19,214,498 shares, or 22.6%, of the Lincolnshire, Ill., mobile satellite services company, according to a schedule 13D filing with the Securities and Exchange Commission.
Harbinger reported the purchase of 5.1 million shares of Motient stock priced between $8.01 and $9.00 per share between Jan. 9 and Feb. 20 in an earlier SEC filing.
According to a related schedule 13D filed with the SEC on Friday, Harbinger purchased 959,715 shares of Motient stock for $7,821,577.25 and Harbinger Special Situations purchased 1,540,285 shares of the company's stock for 12,553,322.75 from BCE, Inc. as part of a registration rights agreement. The per-share price in each transaction was $8.15.
Motient issued 9,031,213 shares of its common stock to BCE in exchange for 5,073,715 shares of common stock of TerreStar Networks Inc. and 1,887,133.89202 shares of common stock of TerreStar Global Ltd on March 8. BCE and Motient entered into a letter agreement for the exchange in June 2006.
Following this exchange, Motient owns approximately 85% of the issued and outstanding shares of TerreStar and TerreStar Global, according to an 8-K report filed with the SEC on Friday.
BCE, the beneficial owner of 4,531,213 shares, or 6.5% of Motient stock, sold an additional 2 million shares of the company's stock to Stanfield Offshore Leveraged Assets, Ltd. for $16.3 million.
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