Carl Icahn Unloads Tons of Blockbuster Stock

Carl Ichan has sold off most of his stock in Blockbuster Inc. this week.  Icahn sold off almost all of his Class A common stock with a price of about $0.26 each.  The sales of the Class A stock was worth about $3.4 million.  He bought it the stock for over $100 million years ago.
Icahn also sold off his holdings of the Class B stock, cashing out about $241,000.  He suffered a 98% loss on that investment.  Icahn owns about $38 million of Blockbuster in the form of convertible preferred shares.  This could be converted into 7.4 million class A shares.
Today, Blockbuster has to make a $43 million payment on senior secured notes. The company may have to file for bankruptcy soon. [WSJ]
This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at
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