General Growth Properties Inc.’s chief financial officer sold 1.5 million company shares this week for more than $31 million to fund a margin call, according to a filing Friday with the Securities and Exchange Commission.
Longtime company executive Bernard Freibaum sold the shares Thursday and Friday in seven transactions at average weighted share prices ranging from $13.70 to $22.43, according to the filing, for a total of $31.1 million. Mr. Freibaum directly owned about 6.05 million shares in the Chicago-based mall owner after the sales, the filing says.
Mr. Freibaum joined General Growth in 1993, according to the company’s Web site.
Mr. Freibaum is one of several General Growth executives to sell company stock recently to cover margin calls.
A spokesman for General Growth declined to comment late Friday.
Chief Investment Officer Joel Bayer sold 500,000 shares in the company Wednesday for about $10.2 million to fund a margin call, according to another filing Friday.
Last month, General Growth President and Chief Operating Officer Robert Michaels sold 700,000 company shares to cover a margin call, and Chief Corporate Development Officer Jean Schlemmer sold 50,000 company shares last month to cover a margin call.
Also on Friday, Ms. Schlemmer sold 50,000 company shares for about $1.1 million to pay a margin loan, and Senior Vice-president and General Counsel Ronald Gern sold a total of 35,000 shares in the company Thursday and Friday for about $710,000 to pay a margin loan, according to SEC filings.
Sharon Polonia, General Growth’s senior vice-president for asset management, sold 28,758 shares for about $479,000 Thursday to fund a margin call, according to an SEC filing.
General Growth shares closed Friday at $21.42, up $1.50, or 7.53%.
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