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November 24, 2009

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Company buys back stock from large shareholder

Tuesday, Sept. 12, 2000 | 10:35 a.m.

SUN STAFF REPORT

Riviera Holdings Corp. of Las Vegas said it purchased about 3 percent of the company's outstanding stock from one of its largest shareholders.

Riviera purchased 115,000 shares of its stock on Aug. 29 from funds controlled by New York investor James Bennett. Riviera paid $7.50 per share in the private transaction, or $862,000. That price reflected the market value of the shares on Aug. 29.

In a Securities and Exchange Commission filing after the sale, Bennett reported his funds now control 371,070 shares of Riviera stock, or about 9.44 percent of the company.

As of March 17, 2000, Bennett was the second-largest shareholder in the company, with 536,070 shares, or 13.7 percent of the company's outstanding stock.

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