Bruce Berkowitz Is No Longer the 'Ax' In AIG (AIG)
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Bruce Berkowitz's Fairholme Capital is no longer the 'ax' in AIG's (NYSE: AIG) stock, as the government's preferred shares converted to common shares.
Berkowitz disclosed in a 13D filing today that his common share percentage has now fallen to 2.5%, down from over 31.6%. He still owns roughly the same number of shares at 44,282,965, however the decrease in percentage comes as the shares outstanding ballooned from 140,029,615 shares to 1,795,067,577 shares.
As a result of the conversion, the Treasury Department owns approximately 92 percent of AIG's common shares. They now have 1,655,037,962 AIG common shares.
In addition to his common share stake, Berkowitz and other shareholders will be given warrants today on their AIG stock. Under the announced plan, AIG shareholders will be given 0.533933 $45 Warrants for every share of AIG common stock owned on the record date. Berkowitz will get about 24M warrants which are in-the-money. The ex-dividend date on the warrant distribution is tomorrow - Thursday January 20.
While he moved down the AIG totem poll, Mr. Berkowitz is committed to his investment in the insurer, despite rumors to the contrary. Bruce Berkowitz recently told Dow Jones News that AIG is a long-term cornerstone investment.
Because his stake fell below 5%, Berkowitz is now longer a 13D filer on AIG.
Berkowitz disclosed in a 13D filing today that his common share percentage has now fallen to 2.5%, down from over 31.6%. He still owns roughly the same number of shares at 44,282,965, however the decrease in percentage comes as the shares outstanding ballooned from 140,029,615 shares to 1,795,067,577 shares.
As a result of the conversion, the Treasury Department owns approximately 92 percent of AIG's common shares. They now have 1,655,037,962 AIG common shares.
In addition to his common share stake, Berkowitz and other shareholders will be given warrants today on their AIG stock. Under the announced plan, AIG shareholders will be given 0.533933 $45 Warrants for every share of AIG common stock owned on the record date. Berkowitz will get about 24M warrants which are in-the-money. The ex-dividend date on the warrant distribution is tomorrow - Thursday January 20.
While he moved down the AIG totem poll, Mr. Berkowitz is committed to his investment in the insurer, despite rumors to the contrary. Bruce Berkowitz recently told Dow Jones News that AIG is a long-term cornerstone investment.
Because his stake fell below 5%, Berkowitz is now longer a 13D filer on AIG.
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