NY Hedge Fund Buys Almost 10% of Palm

Palm might be on a slippery slope to nowhere with its future looking bleak, but one New York-based investor, Harbinger Capital Partners, is clearly betting on a good outcome. They have invested an undisclosed amount of money, buying up 16 million shares, or roughly 9.48 percent of the company.

Harbinger, which is headed by investor Phil Falcone, also owns stakes in The New York Times and some satellite companies that plan to develop a wholesale broadband network in the U.S. Given that these guys bet on crazy assets for a living, I am sure they have a good reason for making this trade. I may be in the minority for feeling that whoever buys Palm is going to end up just like Palm sooner or later.

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