Allen Hopes to Boost Charter with Buy7/02/2002 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
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
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
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.