Jimmy Cayne sold all of his stake in Bear Stearns Cos. the day after J.P. Morgan Chase & Co. sweetened its bid to $10.00 a share for the troubled bank, according to an
SEC filing. On Tuesday, Cayne sold 5,612,922 shares at $10.84, leaving him with no shares in the company. Additionally, his wife also sold 45,669 shares at $10.84. Shares of Bear Stearns closed up 0.18% at $11.23 in normal trading. Cayne's action indicates an even higher buyout price isn't likely -- either that or he needed cash to pay for his
new apartment at the Plaza. -
Matthew Wurtzel
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