It looks like Bill Bresnan isn't waiting around to see how Paul Allen does
with the Bresnan Communications systems he sold to Charter Communications Inc.
two years ago.
The cable pioneer dumped all of the Charter stock he owned by exercising
'put' rights that netted him and about 20 of his key managers some $147.5
million, according to Securities and Exchange Commission documents filed
'We're out of Charter entirely at this point,' Bresnan said.
His company exercised its put rights for 14.8 million membership units of
Charter Holding Co. at $26 per share, plus interest.
Bresnan said his company's cut, including the interest, worked out to 5.2
million units at $28.37 per share.
He added that he exercised his puts Feb. 15, when Charter stock closed at
$9.92 per share -- nearly one-third the value of the puts.
Bresnan received the put rights after selling his 690,000-subscriber MSO to
Charter in February 2000.
He said proceeds from the put rights were distributed among himself and his
personal partnerships, as well as around 20 of his key managers.
Charter stock closed at $13.61 Monday, up 62 cents.