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Bill Gates dumping Pacific Ethanol stock; converting preferred at $8 to sell at $3.83 or less

June 3, 2008

In California, Bill Gates has commenced selling half his 20 percent stake in Pacific Ethanol for prices between $3.45 and $3.83 per share. The company said that they expected Gates to sell half his shares, and that he was converting shares from preferred stock into common stock at $8 per share in order to sell them. The sale seals a loss of more than $9.5 million for Gates for the 2.3 million shares he has sold to date. Gates had initially invested $84 million in the plant for his holdings.

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    Written by Jim Lane · Filed Under News & Financial Analysis 

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