BUSINESS

George Lucas Files for Permission to Sell $2 Billion in Disney Shares

5:30 PM PST 2/6/2013 by Paul Bond

George Lucas

UPDATED: A regulatory filing reveals the "Star Wars" creator may cash out the stock he received when selling Lucasfilm to Disney. But he "does not currently have any plans" to sell, a spokesperson says.

George Lucas might not intend on keeping all of his huge chunk of Disney stock very long, judging from a regulatory filing signaling his right to sell more than 37 million shares -- amounting to all the stock he received when he sold Lucasfilm to Disney for $4 billion last year.

Disney filed the Form S-3 Registration Statement on Wednesday, and a spokeswoman characterized it as a required formalization of Disney's acquisition of Lucasfilm.
 
According to the filing, The George W. Lucas, Jr. Fourth Amended and Restated Living Trust could sell 37,076,679 million shares of Disney -- amounting to about 2.1 percent of the company -- "from time to time" until the trust no longer holds any of the stock.

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The sale of stock could occur via "ordinary brokerage transactions or through any other means described in this prospectus," the filing says.

At Disney's closing price of $54.52 Wednesday, the shares held by Lucas are worth $2.02 billion.

Read the filing here.

Despite the filing, a spokesperson from Lucasfilm says Lucas may not be selling anytime soon.

"George does not currently have any plans to sell his Disney stock," said LucasFilm's Lynne Hale. "This was a registration of ownership of stock in conjunction with the sale of Lucasfilm to Disney. It was a required filing."

Email: Paul.Bond@THR.com