There had been hopes that Hank Greenberg was going to come with his own plan to save American International Group (NYSE: AIG). That was removed yesterday after the company agreed to the government plan. But now it looks even less and less likely. The ex-Chairman has filed a 13D with the SEC to sell shares in the open market. We don’t know if this means anything about margin calls, but this massive drop in AIG has apparently caused liquidity issues. As of July 15, Greenberg’s Starr International held more than 227 million shares. See below:
- The Reporting Persons presently intend to engage in open-marketsales of shares of Common Stock for liquidity and other purposes. Suchsales may be made at such times, in such amounts and at such prices aseach of the Reporting Persons may in its sole discretion determine.Such sales may, individually or in the aggregate, materially decreasethe percentage of the outstanding Common Stock of the Issuerbeneficially owned by the Reporting Persons.
AIG shares are up 19% at $3.94 today, but they had traded as highas $4.36 earlier before this filing. Sometimes billionaires lose moremoney than they can afford.
Jon C. Ogg
September 25, 2008
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