Ford Motor chairman sells 1 million shares
Ford Motor Chairman William Clay Ford Jr. sells 1 million shares of stock
September 22, 2008: 10:13 AM EST
NEW YORK (Associated Press) - Ford Motor Co. Chairman William Clay Ford Jr. on Thursday sold 1 million shares of the automaker's stock, according to a regulatory filing.
In a filing with the Securities and Exchange Commission submitted Friday, the great-grandson of the company founder said he sold 1 million shares for between $5 and $5.10 per share, netting approximately $5.05 million.
Ford shares have ranged between $4.24 and $9.24 in the past 52 weeks, recently coming off the year low set Aug. 27. The beleaguered Dearborn, Mich.-based company's shares have traded below $10 for the past three years.
The sale was a rare move for the chairman, who has not reported any other transactions in the company's common shares this year. Ford Motor Co. spokesman Mark Truby said the sale was made to retire a portion of the debt accrued in 2004 and 2005, when the chairman, who is known as Bill Ford Jr., exercised options stock options and purchased shares.
Insiders file Form 4s with the SEC to report transactions in their companies' shares. Open market purchases and sales must be reported within two business days of the transaction.
The chairman continues to own nearly 5 million shares of common stock outright, plus about 400,000 more shares in various family trusts or company plans. The chairman, his wife and various family trusts also own millions of Class B shares, and millions more in stock options.
Ford shares fell 24 cents, or 4.5 percent, to $5.05 in morning trading.
Ford Motor Chairman William Clay Ford Jr. sells 1 million shares of stock
September 22, 2008: 10:13 AM EST
NEW YORK (Associated Press) - Ford Motor Co. Chairman William Clay Ford Jr. on Thursday sold 1 million shares of the automaker's stock, according to a regulatory filing.
In a filing with the Securities and Exchange Commission submitted Friday, the great-grandson of the company founder said he sold 1 million shares for between $5 and $5.10 per share, netting approximately $5.05 million.
Ford shares have ranged between $4.24 and $9.24 in the past 52 weeks, recently coming off the year low set Aug. 27. The beleaguered Dearborn, Mich.-based company's shares have traded below $10 for the past three years.
The sale was a rare move for the chairman, who has not reported any other transactions in the company's common shares this year. Ford Motor Co. spokesman Mark Truby said the sale was made to retire a portion of the debt accrued in 2004 and 2005, when the chairman, who is known as Bill Ford Jr., exercised options stock options and purchased shares.
Insiders file Form 4s with the SEC to report transactions in their companies' shares. Open market purchases and sales must be reported within two business days of the transaction.
The chairman continues to own nearly 5 million shares of common stock outright, plus about 400,000 more shares in various family trusts or company plans. The chairman, his wife and various family trusts also own millions of Class B shares, and millions more in stock options.
Ford shares fell 24 cents, or 4.5 percent, to $5.05 in morning trading.
