LeBow Sells Part of Stake in Irvine Computer Firm MAI

Bennett S. LeBow, a financier best known for his recent efforts to get RJR Nabisco Holdings Corp. to spin off its food company from its tobacco holdings, has sold about half his remaining stake in MAI Systems Corp., the Irvine computer company said Friday.

LeBow, who recently conceded defeat in his attempt to replace RJR Nabisco’s board members with his own slate of candidates, sold 800,000 shares of MAI Systems, a company he helped found in the 1980s. He received $4.6 million, or $5.75 per share, for the stock, said MAI spokesman Stanley Witkow.

The sale leaves LeBow with 852,000 shares, or about 12% of the company’s outstanding stock, Witkow said. LeBow owned 36% of the company as recently as last spring.

Canyon Capital Management L.P., an investment advisory firm that specializes in turnaround companies, purchased 550,000 of the shares on behalf of its managed accounts. Richard S. Ressler, chairman and chief executive officer of MAI, purchased 120,000 shares, the company said.

MAI, which helps companies select and install computer equipment, reported a profit of $10.2 million on sales of $66.3 million last year, after rebounding from bankruptcy in 1993.

MAI’s stock closed at $6.875 per share Friday, up $1.125, in Nasdaq trading.