Harbinger is a New York affiliate of Harbert Management Corp., of Birmingham, Ala. It is led by Philip Falcone, a former hockey player at Harvard University who once ran junk-bond trading at Barclays Capital. The fund has turned up in an array of companies in the past year, accumulating shares in Northwest Airlines Corp. and Leap Wireless International Inc., among others. Last summer, it ran an unsuccessful proxy fight for seats on the board of Chicago steel company Ryerson Inc."They have done a good job managing money," says veteran media money manager Mario Gabelli, chief investment officer of Gamco Investors Inc., one of Media General's biggest outside investors and a small shareholder in the Times.
Harbinger, which scored big returns in the subprime-mortgage market in the past year, says its specialties include distressed situations. It is making two plays in the newspaper industry at a time when falling advertising and readership have created deep pessimism about the industry's prospects.
The Times is no exception to those trends. Its Boston Globe newspaper has been particularly hard hit.
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He shames his alma mater
Mr. Sulzberger must take immediate action to rectify this grave matter.