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Morgans Hotel Group director sells shares, cuts ownership to 9.9%
By Lisa Kerner
Charlotte, N.C., Oct. 20 - Morgans Hotel Group Co. director W. Edward Scheetz sold 499,071 shares of the company's stock, reducing his stake to 9.9%.
The shares were sold on Oct. 15, Oct. 16 and Oct. 19 at prices from $4.70 to $5.65 each, according to a schedule 13D/A filed on Tuesday with the Securities and Exchange Commission.
Scheetz now beneficially owns 2,935,840 shares of the New York-based hospitality company.
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