Wednesday, December 12, 2007

Chapman Capital Cuts Stake in Building Materials (BLG)

In an amended 13D filing after the close on Building Materials Holding (NYSE: BLG), Chapman Capital disclosed they lowered their stake in the company to 7.5% (2,212,339 shares). This is down from the 9.0% stake (2,656,339 shares), the firm disclosed in a past filing.

The firm said they sold stock in November and December of 2007 in order to satisfy the Funds' tax planning.

Chapman Capital, which had been pushing for a sale of Building Materials, is underwater in the position, mainly due to the continued deterioration of the housing market. Shares of Building Materials are currently selling at about $6.50 per share --- Chapman's average cost is in the mid-$14 range.

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