Investor Reduces Stake in Mai Systems Corp.

Financier Bennett LeBow cut his holdings in Mai Systems Corp. to 24.7% from 29.2% of the software company’s outstanding common shares after Mai said last November that the investor would sell his stake.

LeBow sold 296,600 shares at $6.50 to $7.37 a share between Feb. 12 and 22, according to documents filed Tuesday with the Securities and Exchange Commission.

LeBow, chairman of a Miami-based company that is leading a bid to force the spinoff of the Nabisco food operation of RJR Nabisco Holdings Corp., now holds 1.65 million shares of Irvine-based Mai Systems.

When Mai filed a registration statement with the SEC in November regarding the stock, the company said LeBow would sell his 1.99 million shares. A month earlier, the investor resigned as a director for the company that he had led into and out of bankruptcy.