Spectrum Brands Sets $1 Special Dividend
Spectrum Brands Holdings, Inc. (SPB) said it’s initiating a $0.25 per share quarterly common stock dividend starting in fiscal 2013 – expected to be paid in March, June, September and December each year – and declared a one-time special dividend of $1.00 per share to be paid on Sept. 18 to shareholders as of Aug. 27.
For those of you who aren’t aware…SPB is under the control of hedge fund honcho Phil Falcone via his fund Harbinger Partners:
Despite getting in on the subprime trade early (like John Paulson, Michael Burry and some others) and earning investors multiples on their cash in ’07…Phil Falcone has NOT done right by investors since then. Harbinger’s returns have languished since then, the fund has gated (prevented investors from getting their money back), Phil borrowed over $100M from the fund to pay his personal taxes (for which he’s now being investigated & sued) and he went on to make a HUGE bet on Light Squared (a spectrum play) that has killed him this year. He’s already stuck investors who want to get out of his fund into shares of HRG (of which Harbinger owns over 80% of the stock) and he’s out to try and IPO another “blank check” vehicle .
We won’t beat a dead horse here but suffice it to say…there are much better dividend stocks to be had elsewhere…