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Greenberg offloads 27 million AIG shares

Industry legend Hank Greenberg and his Starr companies have sold over 27 million shares in his former company, American International Group (AIG), since May.

The sales by the ex-CEO of AIG were revealed in a regulatory filing yesterday (20 November).

Depending when the shares were sold, the sale could have generated between $1.5bn to $1.9bn and comes at a time when Greenberg is being linked to an $8bn bid for Chicago-based media company Tribune.

A spokesman for Greenberg, declined to comment on what the former AIG CEO or Starr entities would use the proceeds of the stock for.

A regulatory filing earlier this year revealed that the Greenberg-controlled managing agency CV Starr and its subsidiaries, including SICO, reported a beneficial ownership stake in AIG of nearly 409 million shares, or 15.7 percent. In the filing, Greenberg personally reported a sole or shared beneficial ownership interest in 93.9 million AIG shares.

Greenberg was ousted from AIG in March 2005 after New York attorney general Eliot Spitzer and other regulators began investigating the company’s accounting practices.

AIG settled its charges with Spitzer and other regulators, paying a record $1.6bn in fines last February.

Greenberg has, however, fought on maintaining his innocence and battling both Spitzer and his former company in the US courts. Recently the tide appears to have turned in Greenberg’s favour with attorney general dropping some charges and the case now having an uncertain status, according to legal experts with Spitzer’s election as New York Governor.

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