Director to sell 50,000 shares

Thursday, May 20, 1999 | 1:41 a.m.

MGM Grand Inc. director Fred Benninger plans to sell 50,000 shares of his personal MGM stock holdings, according to a filing with the Securities and Exchange Commission.

The shares would represent about 83 percent of the 60,200 shares Benninger owns. Of those shares, 50,200 are options that were exerciseable prior to May 11.

Benninger's holdings represent a miniscule portion -- about one tenth of 1 percent -- of the company's 62.1 million outstanding shares.

Benninger has been an MGM director since 1986, and served as the company's chairman, president and chief executive at various points in the late 1980's and early 1990's.

At Thursday's mid-day trading price of $45.25, the shares Benninger registered for sale would be worth about $2.26 million.

Earlier this month, Daniel Wade, MGM's chief operating officer, exercised 71,500 options at a price range of $19.13 to $26 per share, and sold the shares on the open market at $46.50 per share, according to figures compiled by CDA Investnet, a Fort Lauderdale, Fla. research firm.

In late April, Scott Langsner, MGM's secretary and treasurer, exercised 25,000 options at a price of $11.50 per share and sold the shares on the open market at $43.06 per share, according to CDA Investnet.

James Murren, MGM's chief financial officer, last week told the Sun the sales are not indicative of any company problems.

"We're a public company, and people are free to buy and sell the stock," Murren said.