Icahn boosts Panaco stake
Also: TheStreet.com's Cramer ups holdings
By Matt Andrejczak, CBS Marketwatch.com
Last Update: 4:36 PM ET Aug 21, 2000 NewsWatch
Latest headlines
WASHINGTON (CBS.MW) -Billionaire financier Carl Icahn has boosted his stake in Panaco Inc., a Houston, Tex.-based oil and gas exploration company.
Icahn, through his investment vehicle High River Limited Partnership, purchased an additional 1.96 million shares of Panaco (PANA: news, msgs) for $3.39 million, or $1.73 per share, according to documents filed with the Securities and Exchange Commission on Monday.
In the filing, the financier also expressed that he would be willingly to buy "10 5/8 percent senior debt notes" due 2004 from Panaco, if the company requested.
Oh man - I shoulda hit the $1.75 price last week! Bob
High River now owns 6.54 million, or 26.91 percent, of Panaco's outstanding common stock.
The shares were sold to Icahn by New Valley Corp., a Miami, Fla.-based investment company that formerly held more than 2.1 million shares of Panaco. |
