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Reason for Redstone Sales Clarified

Oct 15, 2008  •  Post A Comment

The Redstone family feud is surviving a plunging stock market, according to the New York Times. After Sumner Redstone was forced to sell $233 million worth of non-voting stock in Viacom and CBS because the drop in their value caused covenants in loan agreement to be violated at National Amusements, a company run by his daughter Shari, National Amusements issued a statement making clearer the cause for the stock sales. The statement said the operations and expansion Ms. Redstone is overseeing at the movie theater chain was not the reason why Mr. Redstone had to sell his stock, the paper says.
— Jon Lafayette

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