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Technology Stocks : Webvan Group (WBVN) -- Ignore unavailable to you. Want to Upgrade?

To: Bill Ulrich who wrote (426)	7/12/2001 2:24:16 AM
From: EL KABONG!!!	Read Replies (1) \| Respond to of 464

interactive.wsj.com July 12, 2001 Webvan Ex-Chairman Sold 45 Million Shares Dow Jones Newswires FOSTER CITY, Calif. -- Webvan Group Inc. founder and former Chairman Louis H. Borders sold the bulk of his shares in the online grocery concern a little more than two weeks before Webvan announced it was going out of business. Mr. Borders sold 45 million shares on June 22 for six cents each, or a total of $2.7 million, according to a Securities and Exchange Commission filing. After the sale, he was left with 4.2 million shares. At the stock's peak of $34 in November 1999, Mr. Borders's total stake was valued at $1.7 billion. Monday, Webvan announced it was closing its business, laying off 2,000 employees and filing for protection from its creditors under Chapter 11 of the U.S. Bankruptcy Code. Mr. Borders was Webvan's biggest shareholder, but he had had no "direct affiliation with the operations of the business" for some time, said Webvan spokesman Bud Grebey. Mr. Borders stepped down as chairman of Webvan's board in September; he remained a director until February, when he resigned for what he said were personal reasons. Mr. Borders, who co-founded the Borders bookstore chain, couldn't be reached for comment. KJC