Gates-owned firm gets rid of shares
Bloomberg News
Published May 6, 2008 at 8 p.m.
Cascade Investment LLC, a firm owned by Microsoft Corp. Chairman Bill Gates, reduced its stake in Pacific Ethanol Inc. to 18.5 percent from 21 percent.
Cascade sold 1.13 million shares in the past 60 days, according to a Pacific Ethanol filing with the Securities and Exchange Commission. Gates paid $84 million for his stake in 2005. He still owns 3.8 million shares of preferred stock.
Pacific Ethanol, based in Sacramento, Calif., fell 10 cents, or 2.9 percent, to $3.30 in Nasdaq Stock Market composite trading. The price has slumped 60 percent this year. The company hasn't been profitable the past two quarters.
Pacific produces about 130 million gallons of ethanol at distilleries in California, Oregon and Idaho, and it also owns a 42 percent stake in a 48 million-gallon-a- year plant in Colorado.
Featured
-
Boulder Wildfire
See photos from the Boulder County fire.
-
Legislature Blog
The Rocky's Lynn Bartels and Ed Sealover provide live updates from the Capitol.
-
Rocky multimedia
The news comes alive in our videos and slide shows. Catch up on what's happening today.
-
Who's next?
Complete coverage of the Broncos' search for a new coach.
-
Weekend plans?
Figure out things to do this weekend with the help of our entertainment calendar.
-
Winter Escapes
Your insider’s guide to the copious joys of the coolest season.
-
Sam Adams' Open Mic
Open Mic: Two-man advantage with Avs
-
Bronco Dean's rant
Listen to Bronco Dean's rant on what's next for the Broncos.
-
Live updates
Sign up for mobile alerts and breaking news e-mails to keep up with the latest news.
Post your comment
Registration is required. Click here to create your free user account, or login below.
Comments are the sole responsibility of the person posting them. You agree not to post comments that are off topic, defamatory, obscene, abusive, threatening or an invasion of privacy. Violators may be banned. Click here for our full user agreement.