mlkrborn
12 years ago
Sale price $4.00 is lower than its rejected price of $4.25. Fundementals:
Seracare Undervalued, Under The Radar, And Eager To Be Acquired
February 14, 2012 | about: SRLS, includes: BIO, LIFE, MIL
By: Jared Sleeper
Seracare Life Sciences (SRLS ) is a bio-pharmaceutical company that produces raw materials and diagnostic tests for various parts of the medical industry, including clinics and biotech firms. It also provides bioservices to the federal government at a major facility near Washington D.C. It has a history of shoddy management (fraud-driven bankruptcy in 2007) and a recent takeover bid threw the company into turmoil, leading it consider strategic alternatives (with Lazard) at a substantial cost. As a result, Seracare's expenses have soared even as revenue fell this year due to a loss of federal stimulus funding for its bio-services division, leading to a pronounced negative trend on its income statement as the market awaits the results of its review. With a strong core business, high barriers to entry due to government regulation and reputational issues and an extremely solid balance sheet, there is little downside for Seracare, which we believe trades at a discount to its true value. There are two possible routes to realizing this value: a strategic alternative, including a buyout of the company, or the cessation of the strategic review, which will improve the company's income and cash flow statements significantly going forward as the company focuses its substantial recurring free cash flows on developing new product lines that synergize well with its existing revenue stream and customer base.
Seracare's primary businesses are high quality and likely to enjoy steady growth
Seracare produces raw materials and diagnostic tests for the pharmaceutical industry, essentially helping companies and clinics monitor the efficacy of the tests they use to diagnose diseases by providing samples that have the disease and samples that don't, or alternatively providing raw materials for companies to make their own tests. This is a stable, recurring business as the tests are heavily regulated and there is a significant cost for many of Seracare's smaller customers to create their own tests or switch suppliers due to Federal regulations. The bioservices division, which manages one of the few commercial business in the U.S., is also stable, though it is government dependent. Growth in this division is limited and margins are lower than in biopharmaceuticals, one of the reasons the company his discussed divesting this asset in the past and may do so as part of the strategic alternatives process that is currently under way.
Seracare's value has been depressed by temporary factors
This summer, a wealth management firm made an unsolicited offer to purchase the company for $4.25. Details are scant, but the legitimacy of the offer was questioned and it was not approved. Nonetheless, it caused company to initiate a review of strategic alternatives, bringing Lazard (renowned for its Life Sciences M&A division) in as an adviser at considerable cost. This process has added turmoil to the company, taking away vital management attention and in our view causing the company to under-execute this past year, in addition to the massive up front costs of hiring and providing assistance to Lazard. The result has been a disastrous trend in quarterly net income, bottoming out with a net loss in the fourth quarter of last year and continuing with only weak profitability in the recently released first quarter. This weakness is likely to continue until the end of the strategic review process. Nonetheless, these factors are temporary and unrelated to the core businesses of Seracare, as evidenced by stable gross margins (roughly 40%) and revenue for the past four quarters (a slight decline has been caused by the loss of federal stimulus spending on the low margin bioservices division and offset by an increase in the high-margin biopharmaceutical product lines), and we believe that they are masking the true value of this company.
Seracare is cheap when its true operating potential is considered:
- Rejected buyout offer of $4.25 per share this summer
- Conservative DCF estimate (using projected figures without the temporary costs) of $4.60
- With a 14X FCF model and our projected FCF for 2012, a valuation of $4.40
The company also has .90/share in cash and another .90/share of current assets, lending strength to our already conservative valuations.
All factors considered, we estimate a (very conservative) true value for SRLS of $4.50, with minimal downside risk from current prices.
Buyout potential
Due to its small size but strong recurring revenue and relationships in the pharmaceutical sector, Seracare has been mentioned as a potential acquisition target by larger companies in the space, including BioRad Laboratories (BIO ), Life Technologies Corp. (LIFE ) and Millipore, and management seems to be strongly pursuing that sort of action by employing Lazard in a process that has lasted for roughly six months with no sign of stopping. This notion is bolstered by the fact that Seracare's interim CEO, Greg Gould, has experience leading mergers in the past. The lack of a permanent CEO appointment also points to the fact that Seracare may be waiting for the end of the strategic review process to do so, another sign it is serious about selling the firm to realize the company's value.
Conclusion
For those reasons, we recommend buying Seracare with a $4.50 price target, roughly 25% above the current price. With promising earnings released last Friday, strong potential for acquisition and a business model that provides recurring, high margin revenue, Seracare is poised for growth and a return to strong profitability as costs related to its strategic alternatives search decrease and disappear. Though the market has begun recognizing the value in the company we believe this process is set to continue, and look for the company to outperform the market until its true value is realized, or it is purchased at a significant premium to today's price level.
Author note: This article was written and submitted before the recent buyout news.
Disclosure: I am long SRLS .
lady glueck
12 years ago
like this Buyout potential...Seracare Undervalued, Under The Radar, And Eager To Be Acquired
Seracare Life Sciences (SRLS) is a bio-pharmaceutical company that produces raw materials and diagnostic tests for various parts of the medical industry, including clinics and biotech firms. It also provides bioservices to the federal government at a major facility near Washington D.C. It has a history of shoddy management (fraud-driven bankruptcy in 2007) and a recent takeover bid threw the company into turmoil, leading it consider strategic alternatives (with Lazard) at a substantial cost. As a result, Seracare's expenses have soared even as revenue fell this year due to a loss of federal stimulus funding for its bio-services division, leading to a pronounced negative trend on its income statement as the market awaits the results of its review. With a strong core business, high barriers to entry due to government regulation and reputational issues and an extremely solid balance sheet, there is little downside for Seracare, which we believe trades at a discount to its true value. There are two possible routes to realizing this value: a strategic alternative, including a buyout of the company, or the cessation of the strategic review, which will improve the company's income and cash flow statements significantly going forward as the company focuses its substantial recurring free cash flows on developing new product lines that synergize well with its existing revenue stream and customer base.
Seracare's primary businesses are high quality and likely to enjoy steady growth
Seracare produces raw materials and diagnostic tests for the pharmaceutical industry, essentially helping companies and clinics monitor the efficacy of the tests they use to diagnose diseases by providing samples that have the disease and samples that don't, or alternatively providing raw materials for companies to make their own tests. This is a stable, recurring business as the tests are heavily regulated and there is a significant cost for many of Seracare's smaller customers to create their own tests or switch suppliers due to Federal regulations. The bioservices division, which manages one of the few commercial business in the U.S., is also stable, though it is government dependent. Growth in this division is limited and margins are lower than in biopharmaceuticals, one of the reasons the company his discussed divesting this asset in the past and may do so as part of the strategic alternatives process that is currently under way.
Seracare's value has been depressed by temporary factors
This summer, a wealth management firm made an unsolicited offer to purchase the company for $4.25. Details are scant, but the legitimacy of the offer was questioned and it was not approved. Nonetheless, it caused company to initiate a review of strategic alternatives, bringing Lazard (renowned for its Life Sciences M&A division) in as an adviser at considerable cost. This process has added turmoil to the company, taking away vital management attention and in our view causing the company to under-execute this past year, in addition to the massive up front costs of hiring and providing assistance to Lazard. The result has been a disastrous trend in quarterly net income, bottoming out with a net loss in the fourth quarter of last year and continuing with only weak profitability in the recently released first quarter. This weakness is likely to continue until the end of the strategic review process. Nonetheless, these factors are temporary and unrelated to the core businesses of Seracare, as evidenced by stable gross margins (roughly 40%) and revenue for the past four quarters (a slight decline has been caused by the loss of federal stimulus spending on the low margin bioservices division and offset by an increase in the high-margin biopharmaceutical product lines), and we believe that they are masking the true value of this company.
Seracare is cheap when its true operating potential is considered:
- Rejected buyout offer of $4.25 per share this summer
- Conservative DCF estimate (using projected figures without the temporary costs) of $4.60
- With a 14X FCF model and our projected FCF for 2012, a valuation of $4.40
The company also has .90/share in cash and another .90/share of current assets, lending strength to our already conservative valuations.
All factors considered, we estimate a (very conservative) true value for SRLS of $4.50, with minimal downside risk from current prices.
Buyout potential
Due to its small size but strong recurring revenue and relationships in the pharmaceutical sector, Seracare has been mentioned as a potential acquisition target by larger companies in the space, including BioRad Laboratories (BIO), Life Technologies Corp. (LIFE) and Millipore, and management seems to be strongly pursuing that sort of action by employing Lazard in a process that has lasted for roughly six months with no sign of stopping. This notion is bolstered by the fact that Seracare's interim CEO, Greg Gould, has experience leading mergers in the past. The lack of a permanent CEO appointment also points to the fact that Seracare may be waiting for the end of the strategic review process to do so, another sign it is serious about selling the firm to realize the company's value.
Conclusion
For those reasons, we recommend buying Seracare with a $4.50 price target, roughly 25% above the current price. With promising earnings released last Friday, strong potential for acquisition and a business model that provides recurring, high margin revenue, Seracare is poised for growth and a return to strong profitability as costs related to its strategic alternatives search decrease and disappear. Though the market has begun recognizing the value in the company we believe this process is set to continue, and look for the company to outperform the market until its true value is realized, or it is purchased at a significant premium to today's price level.
Author note: This article was written and submitted before the recent buyout news.
Disclosure: I am long SRLS.
http://seekingalpha.com/article/364091-seracare-undervalued-under-the-radar-and-eager-to-be-acquired
righty
15 years ago
Statement of Changes in Beneficial Ownership (4)
Date : 02/25/2009 @ 5:10PM
Source : Edgar (US Regulatory)
Stock : (SRLS)
Quote : 0.8 0.28 (53.85%) @ 8:00PM
- Statement of Changes in Beneficial Ownership (4)
FORM 4 [ X ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue.
See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
OMB APPROVAL
OMB Number: 3235-0287
Expires: February 28, 2011
Estimated average burden
hours per response...
0.5
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
1. Name and Address of Reporting Person *
HARBINGER CAPITAL PARTNERS MASTER FUND I, LTD.
2. Issuer Name and Ticker or Trading Symbol
SERACARE LIFE SCIENCES INC [ SRLS ] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable)
_____ Director __ X __ 10% Owner
_____ Officer (give title below) __ X __ Other (specify below)
*See Remarks
(Last) (First) (Middle)
C/O INTERNATIONAL FUND SERVICES LIMITED, THIRD FL, BISHOP'S SQUARE REDMOND'S HILL 3. Date of Earliest Transaction (MM/DD/YYYY)
2/23/2009
(Street)
DUBLIN, L2 00000
(City) (State) (Zip) 4. If Amendment, Date Original Filed (MM/DD/YYYY)
6. Individual or Joint/Group Filing (Check Applicable Line)
___ Form filed by One Reporting Person
_ X _ Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 2/23/2009 S 9500 D $0.43 3398083 D (1) (2) (3) (4)
Common Stock 2/24/2009 S 3398083 D $0.27 0 D (1) (2) (3) (4)
Common Stock 2/23/2009 S 500 D $0.43 164486 D (1) (5) (6) (7)
Common Stock 2/24/2009 S 164486 D $0.27 0 D (1) (5) (6) (7)
Table II - Derivative Securities Beneficially Owned ( e.g.
, puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 8. Price of Derivative Security
(Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Explanation of Responses:
(
1)
IMPORTANT NOTE: THE SECURITIES SET FORTH IN THIS REPORT ARE DIRECTLY BENEFICIALLY OWNED BY HARBINGER CAPITAL PARTNERS MASTER FUND I, LTD. AND/OR HARBINGER CAPITAL PARTNERS SPECIAL SITUATIONS FUND, L.P. (COLLECTIVELY, THE "FUNDS"). ALL OTHER REPORTING PERSONS ARE INCLUDED WITHIN THIS REPORT DUE TO THEIR AFFILIATION WITH ONE OR BOTH OF THE FUNDS.
(
2)
These securities are owned by Harbinger Capital Partners Master Fund I, Ltd. (the "Master Fund"), which is a Reporting Person.
(
3)
These securities may be deemed to be indirectly beneficially owned by the following, each of whom is a Reporting Person: Harbinger Capital Partners Offshore Manager, L.L.C. ("Harbinger Management"), the investment manager of the Master Fund, HMC Investors, L.L.C., its managing member ("HMC Investors"), Philip Falcone, a member of HMC Investors and the portfolio manager of the Master Fund, Raymond J. Harbert, a member of HMC Investors, and Michael D. Luce, a member of HMC Investors.
(
4)
Each Reporting Person listed in Footnotes 2 and 3 disclaims beneficial ownership of the reported securities except to the extent of his or its pecuniary interest therein, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.
(
5)
These securities are owned by Harbinger Capital Partners Special Situations Fund, L.P. (the "Special Situations Fund"), which is a Reporting Person.
(
6)
These securities may be deemed to be indirectly beneficially owned by the following, each of whom is a Reporting Person: Harbinger Capital Partners Special Situations GP, LLC ("HCPSS"), HMC-New York, Inc. ("HMCNY"), Harbert Management Corporation ("HMC"), Philip Falcone, Raymond J. Harbert and Michael Luce. HCPSS is the general partner of the Special Situations Fund. HMCNY is the managing member of HCPSS. HMC wholly owns HMCNY. Philip Falcone is the portfolio manager of the Special Situations Fund and is a shareholder of HMC. Raymond J. Harbert and Michael D. Luce are shareholders of HMC.
(
7)
Each Reporting Person listed in Footnotes 5 and 6 disclaims beneficial ownership of the reported securities except to the extent of his or its pecuniary interest therein, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.
Remarks:
(+) The Reporting Persons may be deemed to be members of a "group" for purposes of the Securities Exchange Act of 1934, as
amended. Each Reporting Person disclaims beneficial ownership of any securities deemed to be owned by the group that are
not directly owned by the Reporting Person. This report shall not be deemed an admission that such Reporting Person is a
member of a group or the beneficial owner of any securities not directly owned by such Reporting Person.
Reporting Owners
Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
HARBINGER CAPITAL PARTNERS MASTER FUND I, LTD.
C/O INTERNATIONAL FUND SERVICES LIMITED
THIRD FL, BISHOP'S SQUARE REDMOND'S HILL
DUBLIN, L2 00000
X
*See Remarks
HARBINGER CAPITAL PARTNERS OFFSHORE MANAGER, L.L.C.
2100 THIRD AVENUE NORTH
SUITE 600
BIRMINGHAM, AL 35203
X
*See Remarks
HMC INVESTORS, L.L.C.
2100 THIRD AVENUE NORTH
SUITE 600
BIRMINGHAM, AL 35203
X
*See Remarks
HARBINGER CAPITAL PARTNERS SPECIAL SITUATIONS FUND, L.P.
555 MADISON AVENUE
16TH FLOOR
NEW YORK, NY 10022
X
*See Remarks
HARBINGER CAPITAL PARTNERS SPECIAL SITUATIONS GP, LLC
555 MADISON AVENUE
16TH FLOOR
NEW YORK, NY 10022
X
*See Remarks
HMC - NEW YORK, INC.
555 MADISON AVENUE
16TH FLOOR
NEW YORK, NY 10022
X
*See Remarks
HARBERT MANAGEMENT CORP
2100 THIRD AVENUE NORTH
SUITE 600
BIRMINGHAM, AL 35203
X
*See Remarks
FALCONE PHILIP
555 MADISON AVE
16TH FLOOR
NEW YORK, NY 10022
X
*See Remarks
HARBERT RAYMOND J
2100 THIRD AVENUE NORTH
SUITE 600
BIRMINGHAM, AL 35203
X
*See Remarks
LUCE MICHAEL D
2100 THIRD AVENUE NORTH
SUITE 600
BIRMINGHAM, AL 35203
X
*See Remarks
Signatures
Harbinger Capital Partners Master Fund I, Ltd.(+), By: Harbinger Capital Partners Offshore Manager, L.L.C., By: HMC Investors, L.L.C., Managing Member, By: /s/ Joel B. Piassick 2/25/2009
** Signature of Reporting Person Date
Harbinger Capital Partners Offshore Manager, L.L.C.(+), By: HMC Investors, L.L.C., Managing Member, By: /s/ Joel B. Piassick 2/25/2009
** Signature of Reporting Person Date
HMC Investors, L.L.C.(+), By: /s/ Joel B. Piassick 2/25/2009
** Signature of Reporting Person Date
Harbinger Capital Partners Special Situations Fund, L.P.(+), By: Harbinger Capital Partners Special Situations GP, LLC, By: HMC-New York, Inc., Managing Member, By: /s/ Joel B. Piassick 2/25/2009
** Signature of Reporting Person Date
Harbinger Capital Partners Special Situations GP, LLC(+), By: HMC-New York, Inc., Managing Member, By: /s/ Joel B. Piassick 2/25/2009
** Signature of Reporting Person Date
HMC-New York, Inc.(+), By: /s/ Joel B. Piassick 2/25/2009
** Signature of Reporting Person Date
Harbert Management Corporation(+), By: /s/ Joel B. Piassick 2/25/2009
** Signature of Reporting Person Date
/s/ Philip Falcone(+) 2/25/2009
** Signature of Reporting Person Date
/s/ Raymond J. Harbert(+) 2/25/2009
** Signature of Reporting Person Date
/s/ Michael D. Luce(+) 2/25/2009
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
righty
15 years ago
- Amended Statement of Ownership (SC 13G/A)
Date : 02/25/2009 @ 5:08PM
Source : Edgar (US Regulatory)
Stock : (SRLS)
Quote : 0.8 0.28 (53.85%) @ 8:00PM
- Amended Statement of Ownership (SC 13G/A)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)
SeraCare Life Sciences, Inc.*
--------------------------------------------------------------------------------
(Name of Issuer)
Common Stock
--------------------------------------------------------------------------------
(Title of Class of Securities)
81747T104
--------------------------------------------------------------------------------
(CUSIP Number)
February 24, 2009
--------------------------------------------------------------------------------
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
[_] Rule 13d-1(b)
[x] Rule 13d-1(c)
[_] Rule 13d-1(d)
--------------------------------------------------------------------------------
* IMPORTANT NOTE: THE SECURITIES SET FORTH IN THIS REPORT ARE DIRECTLY BENEFICIALLY OWNED BY HARBINGER CAPITAL PARTNERS MASTER FUND I, LTD. AND/OR HARBINGER CAPITAL PARTNERS SPECIAL SITUATIONS FUND, L.P. (COLLECTIVELY, THE "FUNDS"). ALL OTHER ENTITIES AND PERSONS ARE INCLUDED WITHIN THIS REPORT DUE TO THEIR AFFILIATION WITH ONE OR BOTH OF THE FUNDS.
** The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
--------------------------------------------------------------------------------
CUSIP No. 81747T104
---------------------1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Harbinger Capital Partners Master Fund I, Ltd.
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [_]
(b) [X]3. SEC USE ONLY
4. CITIZENSHIP OR PLACE OF ORGANIZATION Cayman IslandsNUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH5. SOLE VOTING POWER 06. SHARED VOTING POWER 07. SOLE DISPOSITIVE POWER 08. SHARED DISPOSITIVE POWER 09. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 010. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES (SEE INSTRUCTIONS) [_]11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 0.0%12. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) CO
--------------------------------------------------------------------------------
CUSIP No. 81747T104
---------------------1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Harbinger Capital Partners Offshore Manager, L.L.C.
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [_]
(b) [X]3. SEC USE ONLY
4. CITIZENSHIP OR PLACE OF ORGANIZATION DelawareNUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH5. SOLE VOTING POWER 06. SHARED VOTING POWER 07. SOLE DISPOSITIVE POWER 08. SHARED DISPOSITIVE POWER 09. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 010. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES (SEE INSTRUCTIONS) [_]11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 0.0%12. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) CO
--------------------------------------------------------------------------------
CUSIP No. 81747T104
---------------------1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) HMC Investors, L.L.C.
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [_]
(b) [X]3. SEC USE ONLY
4. CITIZENSHIP OR PLACE OF ORGANIZATION DelawareNUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH5. SOLE VOTING POWER 06. SHARED VOTING POWER 07. SOLE DISPOSITIVE POWER 08. SHARED DISPOSITIVE POWER 09. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 010. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES (SEE INSTRUCTIONS) [_]11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 0.0%12. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) CO
--------------------------------------------------------------------------------
CUSIP No. 81747T104
---------------------1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Harbinger Capital Partners Special Situations Fund, L.P.
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [_]
(b) [X]3. SEC USE ONLY
4. CITIZENSHIP OR PLACE OF ORGANIZATION DelawareNUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH5. SOLE VOTING POWER 06. SHARED VOTING POWER 07. SOLE DISPOSITIVE POWER 08. SHARED DISPOSITIVE POWER 09. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 010. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES (SEE INSTRUCTIONS) [_]11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 0.0%12. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) PN
--------------------------------------------------------------------------------
CUSIP No. 81747T104
---------------------1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Harbinger Capital Partners Special Situations GP, LLC2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [_]
(b) [X]3. SEC USE ONLY
4. CITIZENSHIP OR PLACE OF ORGANIZATION DelawareNUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH5. SOLE VOTING POWER 06. SHARED VOTING POWER 07. SOLE DISPOSITIVE POWER 08. SHARED DISPOSITIVE POWER 09. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 010. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES (SEE INSTRUCTIONS) [_]11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 0.0%12. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) CO
--------------------------------------------------------------------------------
CUSIP No. 81747T104
---------------------1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) HMC - New York, Inc.
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [_]
(b) [X]3. SEC USE ONLY
4. CITIZENSHIP OR PLACE OF ORGANIZATION New YorkNUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH5. SOLE VOTING POWER 06. SHARED VOTING POWER 07. SOLE DISPOSITIVE POWER 08. SHARED DISPOSITIVE POWER 09. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 010. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES (SEE INSTRUCTIONS) [_]11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 0.0%12. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) CO
--------------------------------------------------------------------------------
CUSIP No. 81747T104
---------------------1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Harbert Management Corporation2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [_]
(b) [X]3. SEC USE ONLY
4. CITIZENSHIP OR PLACE OF ORGANIZATION AlabamaNUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH5. SOLE VOTING POWER 06. SHARED VOTING POWER 07. SOLE DISPOSITIVE POWER 08. SHARED DISPOSITIVE POWER 09. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 010. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES (SEE INSTRUCTIONS) [_]11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 0.0%12. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) CO
--------------------------------------------------------------------------------
CUSIP No. 81747T104
---------------------1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Philip Falcone2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [_]
(b) [X]3. SEC USE ONLY
4. CITIZENSHIP OR PLACE OF ORGANIZATION U.S.A.
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH5. SOLE VOTING POWER 06. SHARED VOTING POWER 07. SOLE DISPOSITIVE POWER 08. SHARED DISPOSITIVE POWER 09. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 010. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES (SEE INSTRUCTIONS) [_]11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 0.0%12. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) IN
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CUSIP No. 81747T104
---------------------1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Raymond J. Harbert2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [_]
(b) [X]3. SEC USE ONLY
4. CITIZENSHIP OR PLACE OF ORGANIZATION U.S.A.
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH5. SOLE VOTING POWER 06. SHARED VOTING POWER 07. SOLE DISPOSITIVE POWER 08. SHARED DISPOSITIVE POWER 09. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 010. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES (SEE INSTRUCTIONS) [_]11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 0.0%12. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) IN
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CUSIP No. 81747T104
---------------------1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Michael D. Luce2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [_]
(b) [X]3. SEC USE ONLY
4. CITIZENSHIP OR PLACE OF ORGANIZATION U.S.A.
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH5. SOLE VOTING POWER 06. SHARED VOTING POWER 07. SOLE DISPOSITIVE POWER 08. SHARED DISPOSITIVE POWER 09. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 010. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES (SEE INSTRUCTIONS) [_]11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 0.0%12. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) IN
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CUSIP No. 81747T104
---------------------Item 1(a). Name of Issuer: SeraCare Life Sciences, Inc. -------------------------------------------------------------------- (b). Address of Issuer's Principal Executive Offices: 37 Birch Street
Milford, MA 01757
--------------------------------------------------------------------Item 2(a). Name, Principal Business Address, and Citizenship of Persons Filing: Harbinger Capital Partners Master Fund I, Ltd. - Cayman Islands
c/o International Fund Services (Ireland) Limited
Third Floor, Bishop's Square
Redmond's Hill
Dublin 2, Ireland Harbinger Capital Partners Special Situations Fund, L.P. - Delaware
Harbinger Capital Partners Special Situations GP, LLC - Delaware
HMC - New York, Inc. - New York
Philip Falcone - U.S.A. 555 Madison Avenue
16th Floor
New York, New York 10022
United States of America Harbinger Capital Partners Offshore Manager, L.L.C. - Delaware
HMC Investors, L.L.C. - Delaware
Harbert Management Corporation - Alabama
Raymond J. Harbert - U.S.A. Michael D. Luce - U.S.A. 2100 Third Avenue North, Suite 600
Birmingham, Alabama 35203
United States of America
-------------------------------------------------------------------- (d). Title of Class of Securities: Common Stock
-------------------------------------------------------------------- (e). CUSIP Number: 81747T104
--------------------------------------------------------------------Item 3. If This Statement is filed pursuant to ss.240.13d-1(b) or
240.13d-2(b), or (c), check whether the person filing is a: (a) [_] Broker or dealer registered under Section 15 of the Exchange Act
(15 U.S.C. 78c).
(b) [_] Bank as defined in Section 3(a)(6) of the Exchange Act (15
U.S.C. 78c).
(c) [_] Insurance company as defined in Section 3(a)(19) of the Exchange
Act (15 U.S.C. 78c).
(d) [_] Investment company registered under Section 8 of the Investment
Company Act of 1940 (15 U.S.C. 80a-8).
(e) [_] An investment adviser in accordance with s.240.13d-1(b)(1)(ii)(E); (f) [_] An employee benefit plan or endowment fund in accordance with
s.240.13d-1(b)(1)(ii)(F); (g) [_] A parent holding company or control person in accordance with
Rule 13d-1(b)(1)(ii)(G); (h) [_] A savings association as defined in Section 3(b) of the Federal
Deposit Insurance Act (12 U.S.C.1813); (i) [_] A church plan that is excluded from the definition of an
investment company under Section 3(c)(14) of the Investment
Company Act of 1940 (15 U.S.C. 80a-3); (j) [_] Group, in accordance with s.240.13d-1(b)(1)(ii)(J).
Item 4. Ownership.
Provide the following information regarding the aggregate number and
percentage of the class of securities of the issuer identified in Item 1.
(a) Amount beneficially owned: Harbinger Capital Partners Master Fund I, Ltd. - 0
Harbinger Capital Partners Offshore Manager, L.L.C. - 0
HMC Investors, L.L.C. - 0
Harbinger Capital Partners Special Situations Fund, L.P. - 0
Harbinger Capital Partners Special Situations GP, LLC - 0
HMC - New York, Inc. - 0
Harbert Management Corporation - 0
Philip Falcone - 0
Raymond J. Harbert - 0
Michael D. Luce - 0
----------------------------------------------------------------------- (b) Percent of class: Harbinger Capital Partners Master Fund I, Ltd. - 0.0%
Harbinger Capital Partners Offshore Manager, L.L.C. - 0.0%
HMC Investors, L.L.C. - 0.0%
Harbinger Capital Partners Special Situations Fund, L.P. - 0.0%
Harbinger Capital Partners Special Situations GP, LLC - 0.0%
HMC - New York, Inc. - 0.0%
Harbert Management Corporation - 0.0%
Philip Falcone - 0.0%
Raymond J. Harbert - 0.0%
Michael D. Luce - 0.0%
----------------------------------------------------------------------- (c) Number of shares as to which the person has: (i) Sole power to vote or to direct the vote: Harbinger Capital Partners Master Fund I, Ltd. - 0
Harbinger Capital Partners Offshore Manager, L.L.C. - 0
HMC Investors, L.L.C. - 0
Harbinger Capital Partners Special Situations Fund, L.P. - 0
Harbinger Capital Partners Special Situations GP, LLC - 0
HMC - New York, Inc. - 0
Harbert Management Corporation - 0
Philip Falcone - 0
Raymond J. Harbert - 0
Michael D. Luce - 0
---------------------------------------------------------------- (ii) Shared power to vote or to direct the vote: Harbinger Capital Partners Master Fund I, Ltd. - 0
Harbinger Capital Partners Offshore Manager, L.L.C. - 0
HMC Investors, L.L.C. - 0
Harbinger Capital Partners Special Situations Fund, L.P. - 0
Harbinger Capital Partners Special Situations GP, LLC - 0
HMC - New York, Inc. - 0
Harbert Management Corporation - 0
Philip Falcone - 0
Raymond J. Harbert - 0
Michael D. Luce - 0
---------------------------------------------------------------- (iii) Sole power to dispose or to direct the disposition of: Harbinger Capital Partners Master Fund I, Ltd. - 0
Harbinger Capital Partners Offshore Manager, L.L.C. - 0
HMC Investors, L.L.C. - 0
Harbinger Capital Partners Special Situations Fund, L.P. - 0
Harbinger Capital Partners Special Situations GP, LLC - 0
HMC - New York, Inc. - 0
Harbert Management Corporation - 0
Philip Falcone - 0
Raymond J. Harbert - 0
Michael D. Luce - 0
---------------------------------------------------------------- (iv) Shared power to dispose or to direct the disposition of: Harbinger Capital Partners Master Fund I, Ltd. - 0
Harbinger Capital Partners Offshore Manager, L.L.C. - 0
HMC Investors, L.L.C. - 0
Harbinger Capital Partners Special Situations Fund, L.P. - 0
Harbinger Capital Partners Special Situations GP, LLC - 0
HMC - New York, Inc. - 0
Harbert Management Corporation - 0
Philip Falcone - 0
Raymond J. Harbert - 0
Michael D. Luce - 0
----------------------------------------------------------------Item 5. Ownership of Five Percent or Less of a Class.
If this statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of more than
five percent of the class of securities, check the following [X]. -----------------------------------------------------------------------Item 6. Ownership of More Than Five Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to
direct the receipt of dividends from, or the proceeds from the sale of, such
securities, a statement to that effect should be included in response to this
item and, if such interest relates to more than five percent of the class, such
person should be identified. A listing of the shareholders of an investment
company registered under the Investment Company Act of 1940 or the beneficiaries
of employee benefit plan, pension fund or endowment fund is not required.
N/A
-----------------------------------------------------------------------Item 7. Identification and Classification of the Subsidiary Which Acquired the
Security Being Reported on by the Parent Holding Company or Control
Person.
If a parent holding company or Control person has filed this schedule,
pursuant to Rule 13d-1(b)(1)(ii)(G), so indicate under Item 3(g) and attach an
exhibit stating the identity and the Item 3 classification of the relevant
subsidiary. If a parent holding company or control person has filed this
schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating
the identification of the relevant subsidiary.
N/A
-----------------------------------------------------------------------Item 8. Identification and Classification of Members of the Group.
If a group has filed this schedule pursuant to Sec.240.13d-1(b)(1)(ii)(J),
so indicate under Item 3(j) and attach an exhibit stating the identity and Item
3 classification of each member of the group. If a group has filed this schedule
pursuant to Sec.240.13d-1(c) or Sec.240.13d-1(d), attach an exhibit stating the
identity of each member of the group.
N/A
-----------------------------------------------------------------------Item 9. Notice of Dissolution of Group.
Notice of dissolution of a group may be furnished as an exhibit stating the
date of the dissolution and that all further filings with respect to
transactions in the security reported on will be filed, if required, by members
of the group, in their individual capacity. See Item 5.
N/A
-----------------------------------------------------------------------Item 10. Certification.
(b) The following certification shall be included if the statement is
filed pursuant to Rule 13d-1(c): By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are not
held for the purpose of or with the effect of changing or influencing
the control of the issuer of the securities and were not acquired and
are not held in connection with or as a participant in any transaction
having such purpose or effect.
--------------------------------------------------------------------------------
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Harbinger Capital Partners Master Fund I, Ltd.
By: Harbinger Capital Partners Offshore Manager, L.L.C.
By: HMC Investors, L.L.C., Managing Member
By: /s/ Joel B. Piassick
---------------------Harbinger Capital Partners Offshore Manager, L.L.C.By: HMC Investors, L.L.C., Managing MemberBy: /s/ Joel B. Piassick
---------------------HMC Investors, L.L.C.
By: /s/ Joel B. Piassick
---------------------Harbinger Capital Partners Special Situations Fund, L.P.By: Harbinger Capital Partners Special Situations GP, LLC
By: HMC - New York, Inc., Managing MemberBy: /s/ Joel B. Piassick
---------------------Harbinger Capital Partners Special Situations GP, LLC
By: HMC - New York, Inc., Managing MemberBy: /s/ Joel B. Piassick
---------------------HMC - New York, Inc.
By: /s/ Joel B. Piassick
---------------------Harbert Management CorporationBy: /s/ Joel B. Piassick
---------------------/s/ Philip Falcone
---------------------
Philip Falcone/s/ Raymond J. Harbert
-----------------------
Raymond J. Harbert/s/ Michael D. Luce
---------------------
Michael D. LuceFebruary 25, 2009
--------------------------------------------------------------------------------
Exhibit A
AGREEMENT
The undersigned agree that this Schedule 13G, Amendment No. 1, dated February 25, 2009 relating to the Common Stock of SeraCare Life Sciences, Inc. shall be filed on behalf of the undersigned.
Harbinger Capital Partners Master Fund I, Ltd.
By: Harbinger Capital Partners Offshore Manager, L.L.C.
By: HMC Investors, L.L.C., Managing Member
By: /s/ Joel B. Piassick
---------------------Harbinger Capital Partners Offshore Manager, L.L.C.By: HMC Investors, L.L.C., Managing MemberBy: /s/ Joel B. Piassick
---------------------HMC Investors, L.L.C.
By: /s/ Joel B. Piassick
---------------------Harbinger Capital Partners Special Situations Fund, L.P.By: Harbinger Capital Partners Special Situations GP, LLC
By: HMC - New York, Inc., Managing MemberBy: /s/ Joel B. Piassick
---------------------Harbinger Capital Partners Special Situations GP, LLC
By: HMC - New York, Inc., Managing MemberBy: /s/ Joel B. Piassick
---------------------HMC - New York, Inc.
By: /s/ Joel B. Piassick
---------------------Harbert Management CorporationBy: /s/ Joel B. Piassick
---------------------/s/ Philip Falcone
---------------------
Philip Falcone/s/ Raymond J. Harbert
-----------------------
Raymond J. Harbert/s/ Michael D. Luce
---------------------
Michael D. LuceFebruary 25, 2009
SK 03773 0003 969300
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