TPG's Bonderman sells off most Continental shares

[Date Prev][Date Next][Thread Prev][Thread Next][Date Index][Thread Index]

 



TPG's Bonderman sells off most Continental shares  =

 =

 =

  =


Thursday September 25, 2:44 PM EDT =


NEW YORK, Sept 25 (Reuters) - Texas financier David Bonderman, under risi=
ng pressure to address his perceived conflicts of interest in the airline=
 sector, has sold nearly all the shares he directly or indirectly owned i=
n Continental Airlines (CAL), a regulatory filing said this week.

Bonderman, who manages the Fort Worth, Texas-based private equity firm Te=
xas Pacific Group, helped pull Continental out of bankruptcy in the early=
 1990s, and sits on the airline's board of directors.

His buyout firm, which specializes in distressed holdings, now has a cont=
rolling stake in America West Airlines, and nearly won as lead equity bid=
der for US Airways Group during its bankruptcy. Texas Pacific has also be=
en reported as one of the final bidders for a stake in bankrupt Air Canad=
a.

 =


Gordon Bethune, Continental's chief executive, said last week that talk o=
f Bonderman's involvement with other airlines had become a "distraction" =
to Continental's employees and management.

To settle a put option held by his family's partnership, Bonderman on Sep=
t. 19 sold 704,096 shares of Class B stock in Continental at $44.4406 per=
 share, for $31.3 million, a filing with the Securities and Exchange Comm=
ission showed.

Bonderman now directly holds just 15,000 Class B shares of Continental. A=
t the date of Continental's latest proxy statement, filed on March 26, he=
 had directly or indirectly held 940,579 shares and options.

Bonderman is the sole control person and general partner of the Bonderman=
 Family Limited partnership, which entered into the put option on July 23=
, 2001 -- a move that proved wise.

Continental's share price has plunged since then, along with shares in it=
s competitors, as the airline industry staggered through the shocks of th=
e Sept. 11, 2001, attacks and the economic slump.

In late July, Bonderman sold 180,483 shares of Class B stock in Continent=
al for $43.1027 a share. =



=A92003 Reuters Limited. =


Roger
EWROPS

[Index of Archives]         [NTSB]     [NASA KSC]     [Yosemite]     [Steve's Art]     [Deep Creek Hot Springs]     [NTSB]     [STB]     [Share Photos]     [Yosemite Campsites]