Greenberg offloads 40 million shares of AIG
Maurice “Hank” Greenberg, ex-chairman and chief executive of AIG, yesterday sold off 40 million shares of the bailed-out firm, reaping $125.9 million for himself and a company he runs.
Maurice “Hank” Greenberg, ex-chairman and chief executive of AIG, yesterday sold off 40 million shares of the bailed-out firm, reaping $125.9 million for himself and a company he runs.
Starr International Co. Inc., of which he is chairman, sold 35 million shares of American International Group Inc.’s common stock for $3.06 apiece, according to a filing with the Securities and Exchange Commission.
Starr International has headquarters in Hamilton, Bermuda, and Dublin, Ireland.
Mr. Greenberg also sold off 5 million of his own AIG shares at $3.77 each. He still retains more than 10% ownership in the insurer.
Previously, he and the companies he runs owned approximately 11% of AIG.
Last week, the federal government made a last-minute rescue of the ailing New York-based insurer, providing it an $85 billion lifeline in exchange for 79.9% ownership.
Though the government’s intervention saved the company, it diluted the stakes held by AIG’s investors.
The insurer’s stock value has crashed by more than 90% this year.
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