PERRY CORP. CUTS PENNEY’S STAKE: Richard Perry’s Perry Corp. said in a regulatory filing with the Securities and Exchange Commission Monday that it now owns 10 million shares of J.C. Penney Co. Inc., giving it a 3.3 percent stake in the retailer, presuming dilution due to the retailer’s secondary offering. Excluding the offering in case the secondary doesn’t get completed, Perry Corp.’s stake would be 4.5 percent.
Perry Corp. at the end of August owned 19 million shares, or 8.6 percent of the retailer. In the past month, Perry Corp. has sold 9 million shares. It couldn’t immediately be determined when those shares were sold. The filing requirements do not require an immediate filing of a stock sale.
RELATED STORY: Offering Hits J.C. Penney’s Shares >>