Title XI Funding
Should Congress fund the Title XI program in FY2007?


Marine Log

May 15, 2007

Bergesen Worldwide sells Genmar stake

Back on August 15, 2006, Sohmen-family-controlled Bergesen Worldwide announced it had acquired a 12 percent stake in General Maritime Corporation.

The 3,860,000 shares were previously held by Frontline, and acquired by BW at $40 per share marginally above the closing price on Monday 14 August 2006. By our reckoning that's a total consideration of $154,400,000,

Today, a filing with the SEC disclosed that on May 14, 2007 Bergesen Worldwide agreed to sell the 3,860,000 shares to Morgan Stanley & Co. Incorporated for an aggregate consideration of $112,326,000 at a closing that occurred on May 14, 2007.

By our reckoning that's a loss of $42,074,000

Following the consummation of the sale of the shares, neither the Sohmen Family Foundation nor Bergesen Worldwide Limited beneficially own any securities of Genmar.