Icahn reduces more Blockbuster stake
Dissolves Class B stake, further reduces Class A sharesActivist investor Carl Icahn dissolved his Class B stake in Blockbuster Inc. and further reduced his ownership in Class A shares of the video rental company, according to a regulatory filing.
Icahn, who held 5.65% of Class B shares in the company last week, has sold all his Class B holdings, the filing with the U.S. Securities and Exchange Commission showed.
On Tuesday, Icahn sold 48,234 shares of Class A stock at 25 cents each, bringing down his ownership to 3.5%, or about 5.2 million Class A shares.
The billionaire investor, who once owned nearly 17% shares of Class A stock in Blockbuster, has been reducing his ownership after the company said on March 16 that it might seek bankruptcy protection.
Last week, he reduced his Class A ownership to 3.77% and his Class B share stake to 5.65%.
Blockbuster shares closed at 30 cents Wednesday on the New York Stock Exchange.