News

Allen Hopes to Boost Charter with Buy

7/02/2002 2:43 AM Eastern

Charter Communications Inc. chairman Paul Allen purchased 5 million shares
of Charter stock between June 27 and 28, further boosting his position in the
St. Louis-based MSO, according to a Securities and Exchange Commission filing
late Monday.

Allen increased his holdings of Charter class-A stock to about 18.4 million
shares. He controls more than 90 percent of the vote of Charter's class-B
supervoting shares.

According to the filing, Allen purchased Charter stock -- in blocks
as large as 3.1 million shares -- between June 27 and 28 at prices
ranging from $3.14 to $4.25 per share.

According to the filing, Allen invested a total of $20 million in Charter
stock during those two days.

Allen's investment was seen largely as a show of confidence in the company,
which has seen its share price drop 75 percent since the beginning of the
year.

Earlier in the day, Charter CEO Carl Vogel
revealed in a similar filing that he purchased 50,000 shares of Charter stock June
21 at prices ranging from $4.45 to $4.65.

Vogel also purchased $470,000 in bonds.

Other executives, including chief financial officer Kent Kalkwarf and
executive vice president and chief administrative officer Steve Schumm, made
smaller purchases during the month -- 6,000 and 6,500 shares, respectively.

The Allen purchases were revealed after the market
close, so they had no impact on the stock.

Charter shares closed at $3.98 each July 1, down 10 cents.

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