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Executives selling shares

Thursday, March 21, 2002 | 11:11 a.m.

Mandalay Resort Group's top two executives have filed to sell shares with a market value of more than $86 million.

In a filing made with the Securities and Exchange Commission Friday, Mandalay Chairman and Chief Executive Michael Ensign registered just under 1.5 million shares for possible sale, Dow Jones News Service reported Tuesday. Separately, Vice Chairman William Richardson registered 1.4 million shares for sale.

Such a registration doesn't indicate if the shares have actually been sold, nor does it indicate whether the shares were acquired through the exercise of stock options. It also doesn't indicate a buyer.

The registrations represent about one-fifth of the stock holdings of both Ensign and Richardson in Mandalay as of April 2001, the last time the company reported their stock holdings.

At Friday's closing price of $29.82, the shares registered by Ensign had a market value of $44.4 million. Richardson's shares had a value of $41.8 million at that time.

Company officials could not be reached for comment.

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