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News Breaks
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October 8, 2009
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| 21:36 EDT |  | WOR |
| theflyonthewall.com: | Worthington CEO sold 427,300 shares to pay late father's taxes, Barron's says | | John P. McConnell, chairman and CEO of Worthington Industries (WOR), sold 427,300 shares at an average price of $13.89 a share on Oct. 5. After the sale, McConnell held, directly and indirectly, 18.8M shares, or a 23.8% stake in Worthington, down from 19.2M shares, or 24.3%. The shares he sold were part of his indirect holdings as a trustee of the estate of his father, Worthington founder John H. McConnell. The elder McConnell died in 2008. In a Sept. 30 filing with the SEC, the estate of John H. McConnell announced plans to sell a total 1.2M shares, primarily to generate cash to pay estate taxes. Lon Juricic, president of StreetInsider.com, says the sale doesn't raise any red flags because it's not based on any foreseeable event. The estate's holdings and planned sale are also small enough that they won't cause an overhang in the stock. Reference Link :theflyonthewall.com |
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