Investment partnership sells $18 million of NWA stock
Thursday, July 12, 2001
Richard Blum, a private investor who played a big role in the 1989 leveraged buyout of Northwest Airlines, recently signaled his intent to sell about $18 million worth of
stock in the carrier.
Blum, a Northwest board member and chairman of an investment partnership that recently owned 5.27 million shares of Northwest stock, opted to cash in 750,000 of
the shares to meet partnership obligations, said Owen Blicksilver, Blum's spokesman.
Blum notified the Securities and Exchange Commission July 9 of his firm's intent to sell the shares. He had 90 days to complete the transaction, which would yield $17.7
million at Wednesday's closing price of $23.66. The shares closed 26 cents higher than the previous day.
"There were costs within the partnership that needed to be paid," Blicksilver said. "He has no further intent to sell."
Blum, the husband of U.S. Sen. Dianne Feinstein, D-Calif., is chairman of San Francisco-based Blum Capital Partners. Blicksilver said the group is a
"special-purpose" partnership, only owning Northwest shares.
The Blum's partnership recently was the fifth-largest NWA stockholder, with 6.2 percent of the shares outstanding. The sale will drop the partnership to NWA's
sixth-largest shareholder.
-- Tony Kennedy
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