KELLER & POWELL FLAGSHIP (12/5)
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A second big implication of Vince McMahon cashing out the remaining shares of his trust through a WWE stock sale is affecting Linda McMahon’s company ownership.
Along with disclosing the sales price of the transaction, WWE disclosed on Thursday that Linda McMahon is no longer a significant shareholder.
Linda, who was the beneficiary of McMahon’s trust for estate planning purposes, now only owns 566,770 individual shares of Class B McMahon Family WWE stock following the trust sale. (WWE said Linda “continues to hold the remaining shares for investment purposes only.”)
The transaction translates to Linda owning 1.5 percent of WWE stock and 1.4 percent of voting power following the transaction. WWE disclosed that “as a result of the sale, as of August 17, 2016, Ms. McMahon is no longer a 5% beneficial owner of (WWE).”
Through two transactions in May and August, the trust generated about $66.1 million in gross proceeds “for estate planning purposes for the benefit of Mr. McMahon and certain members of Mr. McMahon’s Family.” WWE further added that the trust sale “was executed for liquidity and asset diversification.”
Linda McMahon was listed on the SEC filing as a “self-employed executive” under the address of the trust and her business, McMahon Ventures, LLC, located in Stamford, Conn.
WWE also filed an official document on Vince McMahon’s ownership standing – 35,533,375 shares of WWE stock personally owned, translating to 48 percent of WWE stock and 85 percent of total voting power.