It’s hard to feel sorry for Hank Greenberg, who turned A.I.G. into one of the world’s biggest insurance company giants before getting the boot in 2005, during an accounting scandal. Still, watching his glorious mountain of money quickly disappear, it’s also hard not to experience an emotion that distantly borders sympathy right now.
Though Greenberg’s roughly 40 million A.I.G. shares and additional 243 million through his investment firm, C.V. Starr International, were valued at nearly $16 billion back in January, they are now worth roughly $1 billion — he hopes. According to a new 13D filing, Greenberg intends to some or all of that stock on the open market, hoping to squeeze some value out of them before the Federal government takes it 79.9 percent in preferred stock, and its 79.9 percent voting power.
Likely Greenberg, posits The Deal, which uncovered the filing, is trying to unload his holdings before they “drop into the six-figure range, which could very well happen when [he] is supplanted as the largest shareholder by Uncle Sam.”