In a Securities and Exchange Commission filing made last Friday, Marice Hank Greenberg reported his intention to sell his nearly 12.9 million shares in American International Group Inc. (AIG) to Starr International Co. The deal was expected to close for approximately $1.25 a share. Starr International may also buy about 47 million shares held by additional Greenberg-run firms and trusts, Bloomberg reports.
As head of Starr International and one of 12 voting shareholders of the privately held investment vehicle, Greenberg would have virtually no direct economic interest in AIG, save for 71,000 shares held by family trusts, reports the Wall Street Journal.
Starr International already holds 206 million shares of AIG stock. In exchange for the government rescue, taxpayers received a nearly 80% stake in the company. Greenberg, who served as CEO of AIG for nearly four decades, left the company in 2005 as it came under investigation for its accounting.
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