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SPO Advisory Sells Crown Castle Stock Worth $29M - cbl
Hedge Fund Still Owns Stake Worth $1.3B
By citybizlist Staff
HOUSTON -- SPO Advisory Corp. sold Crown Castle International Corp. (NYSE: CCI) stock worth $29.04 million, adding to sales of more than $120 million last month, according to an SEC filing.
The Mill Valley, Calif.-based hedge fund sold 740,774 shares in Houston-headquartered Crown Castle at an average price of $39.20 apiece. Crown Castle operates shared wireless infrastructure.
The stock was held through SPO Advisory Partners LP, SF Advisory Partners LP, SPO Partners II LP and San Francisco Partners LP.
SPO Advisory Chairman John Scully, plus William Oberndorf, William Patterson, Edward McDermott were named the reporting persons. The Phoebe Snow Foundation, also of Mill Valley, was named as well.
In June, SPO Advisory, which previously was known as Main Street Partners, sold stock worth $120.06 million. It still owns shares worth about $1.3 billion, based on the stock's closing price of $39.19 on Thursday.
Form 4 filing: http://tinyurl.com/29pqu5h
Also at citybizlist, see:
Crown Castle International Announces Additional Securitized Notes
SPO Advisory Sells Crown Castle Stock Worth $120M - cbl
Bio from Crown Castle's Web site:
W. Benjamin Moreland
President and CEO
W. Benjamin Moreland was appointed Crown Castle's President and Chief Executive Officer in July 2008. Prior to this appointment, he served as Crown Castle's Executive Vice President and Chief Financial Officer, from April 2000. Prior to that he served as Senior Vice President and Treasurer of Crown Castle and its domestic subsidiaries from October 1999. Mr. Moreland joined Crown Castle following 15 years with Chase Manhattan Bank, primarily in corporate finance and real estate investment banking.
Bio from BusinessWeek:
John H. Scully
Managing Director, SPO Advisory Corp.
Mr. John H. Scully is a Managing Director at SPO Advisory Corp. He co-founded the firm. Mr. Scully serves as the Chairman of the Board of Advent Software Inc. since December 3, 2003. He is also the Founder and Chairman of the Making Waves Educational Program. Mr. Scully has been a Director of Plum Creek Timber Co., Inc. since July 1, 1999, and also serves as Chairman of its Nominating, Corporate Governance Committees. He served as a Director of Bell & Howell Company since its organization in February 1993. Mr. Scully served as a Director of BHOC from July 1988 until February 1993. He served as a Director of Corp. I from November 1992 through July 1999. Mr. Scully served as a Director of ProQuest Co. since November 19, 2003, and served as Member of Audit Committee. He is a Trustee of Stanford University, a Director of the Stanford Management Company, a Director of Stanford Hospital and Clinics, and a member of the Stanford Graduate School of Business Advisory Board. Mr. Scully is a former charter trustee of Princeton University. He received his graduation degree from Princeton University in 1966 and his M.B.A. from Stanford Graduate School of Business in 1968.
Posted: July 29, 2010