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McMoRan co-chair buys more shares of company's stock, $7 million 6.75% preferreds
By Lisa Kerner
Charlotte, N.C., Nov. 7 - McMoRan Exploration Co. co-chairman James R. Moffett, in the last 60 days, purchased 500,000 shares of the company's stock priced at $12.40 each and 70,000 shares of the company's 6.75% mandatory convertible preferred stock for $100 per share.
The transactions were reported in a schedule 13D filing with the Securities and Exchange Commission.
Moffet beneficially owns 4,919,905 shares of McMoRan common stock, or approximately 9% of the New Orleans-based oil and gas exploration company.
On March 7, Moffett reported the purchase of 500,000 shares of McMoRan's stock as an investment on March 5 and March 6 priced from $12.35 to $13.45 each, according to a previous SEC filing. At that time, Moffett had a 13.1% stake in the company.
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