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November 15, 2009

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Sales for planning purposes

Tuesday, April 23, 2002 | 11:19 a.m.

Stock sales by Station Casinos Inc. executives disclosed Monday were for financial planning purposes, a company official said.

In a form filed with the Securities and Exchange Commission Monday, Station's top three executives indicated plans to sell as many as 1.5 million shares of stock. Chairman and Chief Executive Frank Fertitta III indicated plans to sell up to 682,000 shares, as did President Lorenzo Fertitta. Chief Financial Officer Glenn Christenson plans to sell up to 149,290 shares. At Monday's closing price, the shares being sold by the Fertittas would be worth $11.8 million each; Christenson's shares would be worth $2.6 million.

The Fertittas sell shares "from time to time for liquidity and estate planning purposes," Station spokeswoman Lesley Pittman said. "Substantially all of their net worth remains in Station Casinos."

The sales would represent 6.5 percent of Frank Fertitta's stake, 10 percent of Lorenzo Fertitta's stake, and 13 percent of Christenson's stake.

Station stock fell 81 cents, or 4.5 percent, to $17.30 Monday.

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