Jimmy Cayne Unloads All Bear Stearns Stock (BSC, JPM)

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By Douglas A. McIntyre Updated Published
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Bear Stearns Companies Inc. (NYSE: BSC) has an SEC filing out showing that Chairman James "Jimmy" Cayne sold shares the day after JPMorgan Chase (NYSE: JPM) sweetened its bid offering to $10.00.

On March 25, Cayne sold 5,612,922 shares at $10.84 and this says that his direct beneficial ownership of Bear Stearns stock is now ZERO.  His wife also sold 45,669 shares at $10.84.

Shares of Bear Stearns closed up 0.18% at $11.23 in normal trading, but shares are down some 4.6% at $10.71 in after-hours.

Maybe some are still hoping for an even higher-yet buyout price, but itdoesn’t look like Cayne does.  Either that or he needed more cash toplay card games.

Jon C. Ogg
March 27, 2008

Jon Ogg produces the Special Situation Investing Newsletter and can be reached at [email protected]; he does not own securities in the companies he covers.

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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