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Bill Gates reduces investment in Pacific Ethanol
By Dale Kasler - dkasler@sacbee.com
Published 4:10 pm PDT Wednesday, May 7, 2008
Bill Gates, whose early investment in Sacramento's Pacific Ethanol Inc. raised the young company's profile, is reducing his stock in the company.
Gates' investment company, Cascade Investments LLC, has reduced its stake to 18.5 percent from 20.27 percent, according to a series of filings with the Securities and Exchange Commission.
The filings gave no reason for the selloff of shares, and the business manager of Cascade, Michael Larson, couldn't be reached for comment Wednesday.
Neil Koehler, the president and chief executive of Pacific Ethanol, couldn't be reached either.
The company has struggled lately with declining profits and construction cost overruns. It recently had to sell $40 million in preferred stock to ease a significant cash squeeze.
The SEC filings show that Gates sold about 890,000 shares at prices ranging from $3.20 to $3.85 a share.
Pacific Ethanol stock closed at $3.18, down 12 cents, on the Nasdaq market Wednesday.
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