Steve Johnston, This may be why it stop falling and now climbing a bit.
Globe says Taylor dumps Loewen stock for pennies a share
Loewen Group Inc (The) LWN
Shares issued 74,056,090 Jun 15 close $0.455
Wed 16 Jun 99 In the News
Also Canadian Imperial Bank of Commerce (CM)
The Globe and Mail reports in its Wednesday, June 16, edition that an
investment fund run by Thomas Taylor has sold off its holdings in Loewen
Group for pennies a share. The Globe's Paul Waldie writes that the shares
were held by Mr. Taylor's company, TWI-FM of Fort Worth, Tex., on behalf of
the Ontario Teachers Pension Plan fund. Mr. Taylor controlled nearly 10 per
cent of Loewen's shares on behalf of Teachers before Loewen filed for
bankruptcy protection in Canada and the United States on June 1. In a
securities filing yesterday, TWI said it sold nearly five million Loewen
shares between June 6 and June 15. The price ranged from 25 cents to 33
cents a share. The filings indicate that Teachers paid $140.6-million for
its Loewen holding. Based on yesterday's information, Teachers' shares sold
for about $1.5-million in total. According to the filing, TWI no longer has
any shares in Loewen. Loewen's largest shareholder is the Canadian Imperial
Bank of Commerce which owns about 10 million shares, or 13.6 per cent, says
The Globe.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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