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]