1.15%XLF 21.35 0.19%QQQQ 46.12 2.10%
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NEW YORK - A partnership run by a director of financial services company Bear Stearns Cos. sold 125,000 shares of common stock, according to a Securities and Exchange Commission filing Tuesday.
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In a Form 4 filed with the SEC, Paul Novelly reported that St. Albans Global Management LLLP, of which he is chief executive, sold the shares Friday for $10.67 apiece.
The shares represented the partnership's entire stake in Bear Stearns, which is being purchased by JP Morgan Chase & Co. for $10 per share in a government-backed deal following the investment bank's near-collapse.
Insiders file Form 4s with the SEC to report transactions in their companies' shares. Open market purchases and sales must be reported within two business days of the transaction.
Bear Stearns is based in New York.
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