A spokesperson for Maurice Greenberg said yesterday that the former American International Group chief executive would not discuss his plans to sell some AIG stock holdings in the financially troubled company.

Mr. Greenberg, in a filing with the Securities and Exchange Commission, said he would be selling shares "for liquidity and other purposes" and the sales could materially decrease his stock ownership.

"We have no comment," said Ken Frydman, when asked about the sale plans of AIG's largest stockholder.

Mr. Greenberg owns approximately 11 percent of the AIG conglomerate's stock through a personal stake, several foundations, C.V. Starr and other companies that he controls.

AIG, facing a liquidity crisis was forced to obtain an $85 billion bridge loan from the government in exchange for surrendering a 79.9 percent interest in the firm.

The stock closed yesterday at $3.02 per share and was trading this morning in the $2.75 to $2.86 range.

Mr. Greenberg's AIG stock holdings, now estimated at $1 billion, were estimated at $20 billion when he left the company amid an accounting scandal in 2005.

AIG stock in October of last year was selling for $70 per share, but before the government takeover it traded as low as $1.25.

Special Reports /

Greenberg: No Comment On AIG Stock Sale

Related Stories

Recommended For You