BSC SEC Filing Says James Cayne Sold All His Remaining Shares in His Company
NEW YORK, Mar 28, 2008 NEW YORK (CNNMoney.com) -- Just a day after JPMorgan Chase quintupled its bid for Bear Stearns, James Cayne, the chairman of the troubled investment bank, dumped his entire stake in the firm, selling more than $60 million worth of company stock he owned.
Cayne, who also served as Bear Stearns' chief executive before stepping down in January of this year, sold over 5.6 million shares of company stock Tuesday at $10.82 a share, according to a company filing with the Securities and Exchange Commission on Thursday.
Bear Stearns (BSC, Fortune 500) shares closed at $11.23 apiece in Thursday trading on the New York Stock Exchange.
The deal, which was first announced by JPMorgan (JPM, Fortune 500) on the evening of March 16, initially valued the troubled investment bank at $2 a share, a 93% discount from its closing price on March 14.
Saint Michael the Archangel, defend us in battle; be our protection against the wickedness and snares of the devil. May God rebuke him, we humbly pray: and you, Prince of the heavenly host, by the power of God, thrust into Hell Satan and all of the other evil spirits who prowl about the world seeking the ruin of souls.