Banking, finance, and taxes
Insider Sells $305 Million in Molycorp Stock (MCP)
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You already knew about the insider sale secondary offering from the Molycorp. Inc. (NYSE: MCP) in last week’s key sale. This has hit the stock in recent trading days, but an SEC filing showed us something huge today as a reminder. One insider unloaded $305 million in stock.
Craig M. Cogut, listed as a beneficial owner, sold 6,113,616 shares at $50.00 to generate a share sale of some $305,680,800.00 per the filing and the transaction date is February 16, 2011. After looking through the filing, this was actually PEGASUS CAPITAL LLC and affiliates of it that sold in the share sale.
Still, this is amazing when you see the filing this far after that shares sale of last week. We might not have considered it since the secondary is the catalyst in the rear-view mirror but the filing did actually contribute to weakness in the stock at the end of the trading day. Shares closed down 2.5% at $47.65, barely above the lows of the day of $47.50.
The investment group is not at all out entirely. After a 300% run since the Summer IPO, a sale can’t be a shock even for a company like Molycorp. Indirect ownership is still listed as 18,361,820 shares.
The rare earth company is still very active, and now its float is much larger.
JON C. OGG
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