???
Harbinger bought a big lump of Navistar last year, and paid some serious cash so to do. Now it seems that it isn't buying any more, and that either last year's Poison Pill has been reinstated, or a side deal is being negotiated. Who knows?
FWIW, here's a link to a Form 4 filed recently. What would be worth knowing is just who is in charge right now; Philip Falcone of Harbinger, or Dan Ustian of Navistar. The former has taken a spanking on his stake in Navistar and is presumably less than pleased about that, whereas the latter can point to some rather good figures - remembering that this is all relative in North America at present - and ask what the problem is. Seems like the perennial battle between long term strategic thinking and short term 13 week reporting has broken out once again.
Maybe this, taken from Harbinger's website, tells us something:
We are first and foremost an investor in our own strategies. We suggest no investment to our co-investors unless HMC's or its affiliates' capital is also committed. That fact alone is the best measure of our confidence in our ability to source, close, develop, and exit transactions profitably.
Either way up, we have the potential for messiness and irritability here.