He had also been trying for weeks to persuade Wall Street to help the company sell $3 billion in stock to investors.

Trading records also show that he sold about $23 million in stock over the last few years.

The subsidiary then sold $500,000 in stock - most of its entire capitalization - to investors.

Index arbitragers during this period sold approximately $350 million in stock.

One portfolio insurer alone sold $1.3 billion in stock.

Security Pacific will sell $175 million in preferred stock to strengthen its capital base.

Instead, last month it announced plans to be sold to Hewlett-Packard for $11 a share in stock.

(The store has sold half of the 60 ties in stock.)

SCi is selling £60 million in stock to pay for the bid.

The company also recently sold nearly $1.3 billion in common stock that pays no cash dividend.