Below are his purchase dates, the number of shares, and the price that is likely a volume weighted average price.
- 10/15/2010 was 150,000 at a VWAP of $41.43.
- 10/20/2010 was 41,000 shares at a VWAP of $41.33.
- 10/25/2010 was 269,500 shares at a VWAP of $41.55.
- 10/26/2010 was 458,000 shares at a VWAP of $41.76.
What is important about these share purchases is that the two largest blocks were after AIG’s disclosure that Benmosche was ill with cancer. Benmosche is perhaps the best thing that has happened for AIG management as he had no ties to the blow-up of the past and he is working steadily to get Uncle Sam paid off and to get Uncle Sam out of ownership in the company.
The direct ownership of Fairholme is now listed as 31,240,400 shares. If you count other shares or instruments held by other entities, the indirect beneficial ownership is now listed as being 34,775,000 shares.
Fairholme now effectively controls more than 25% of AIG if you count the indirect beneficial owned shares, making Bruce Berkowitz the single largest shareholder by far and even that much larger than Hank Greenberg’s Starr International.
JON C. OGG
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