Former chief executive drops 40 million of troubled insurer’s shares.
Former AIG chief executive Hank Greenberg sold 40 million shares of the insurer for about $125.9 million after the stock tumbled more than 90 percent this year, according to reports.
Starr International Co., run by Greenberg, sold 35 million AIG shares at $3.06 each, Starr said today in a statement to court. Greenberg sold 5 million shares for about $3.77 apiece. He still controls more than 10 percent of the company.
Greenberg is selling shares for liquidity, according to another regulatory filing. Greenberg and companies he runs owned about 11 percent of AIG before he sold the shares.
AIG, the world’s largest insurer, was effectively nationalised last week when the US government stepped in to save it from the brink of collapse.
