Bill Gates firm to sell ethanol stake
From Times Wire Services
Cascade Investment, a firm owned by Microsoft Corp. Chairman Bill Gates, is selling its 21% stake in Pacific Ethanol Inc.
Cascade will convert its preferred stock to 10.5 million common shares and offer them to the public, according to a Pacific Ethanol filing with the Securities and Exchange Commission. At Friday’s closing price, Gates lost $24 million on the investment. He paid $84 million for his stake in 2005.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
