Cayne Sells Out

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Jimmy Cayne is done with Bear. He filed his walking-papers with the Securities and Exchange Commission, the chairman and former chief executive of Bear revealed he had sold 5,612,922 shares at $10.84. Another 45,000 were sold by his wife. That position represents almost all of Cayne’s holdings in Bear, although he may still have options for more shares.
This should put an end to talk that a group of large shareholders might seek another buyer. Cayne was rumored to have talked with Joe Lewis, who owns over 9% of the company, about finding another bidder. But that was before JP Morgan Chase raised its price tag from $2 to $10 a share.
In another news, a reliable source tells us that Cayne was actually punched by another Bear executive in the company gym last week. We haven’t even tried to confirm that one.
Update: BSC sinking fast in after hours trading.
Cayne's SEC Filing [SEC.gov]

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