Bill Gates firm to sell ethanol stake
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.