Carl Icahn Unloads Tons of Blockbuster Stock

Posted Apr 1, 2010
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]