Does anyone really believe that Jim Moffett
the chairman of both companies didn't have a hand in this?
fingerprints are all over the murder weapon.
Let's look at some facts.
As you can see in the two slides below, according to recent filings James Moffett
owned 3,081,000 shares of FCX
prior to the deal.
owned 4,968,000 shares of MMR
As a result MMR fell 32% or $3.99 wiping out a little over $19.8 million of Chairman's Jim Moffett's stake in the company.
We already know that James Moffett
lost about $19.8 Million when the MMR Davy Jones well failed to deliver.
After the FCX
buy out of MMR
was announced, MMR
, which closed at 8.46 on December 4th, gapped up $7.36 closing at 15.82.
That's a cool $36.6 million gain for Mr. Moffett
Now the news isn't all good.
Freeport (FCX) shares were pummeled on the announcement falling 19% or $6.12.
Of the $5.8 Billion lost by all Freeport shareholders Jim's
3 million share stake lost about $18.9 Million.
However, when you net the two together, Mr. Moffett's
net gain on the day is $17.7 Million.