Merrill Lynch Unit Gets Share in Firm
From States News Service
Merrill Lynch Private Capital Inc. acquired a 6.2% stake in American Century Corp. of San Antonio, Tex., from Gerald H. Stool in return for a reduction of Stool’s $10-million debt to MLPC, according to a filing with the Securities and Exchange Commission.
A wholly owned subsidiary of Merrill Lynch & Co., MLPC said it received 297,670 common shares in accordance with a May 6 assignment agreement.
Stool, who was not identified in the filing, owes MLPC a $10-million promissory note dated Aug. 25, 1987. MLPC said the transfer of the shares reduced his debt by $260,461.
