Anschutz signs contract sell Qwest stake, donate shares
By Associated Press
Rocky Mountain News
Monday, November 20, 2006
Philip Anschutz, Qwest Communications' founder and largest
shareholder, has entered into a contract to sell an additional
25 million shares and also agreed to donate another 53 million
shares to the Anschutz Family Foundation, the company said
Monday. The Denver billionaire also acquired 2.7 million shares
as a result of a previous agreement, according to the company's
Securities and Exchange Commission filing.
The contract agreement announced Monday marks the latest in a
series of so-called forward sales contracts that Anschutz has
entered recently, which allow him to retain ownership and voting
rights of the stock through the length of the contract
With the announcement, Anschutz, the Anschutz Co. and the
Anschutz Family Investment Co. LLC own about 66.4 million shares
of Qwest Communications International Inc. that are not subject
to existing pledges, forward contracts or call options, the SEC
The filing was made public after the market closed Monday.
Qwest's stock closed at $7.77 a share on the New York Stock
Forward sales contracts are often used by executives to profit
from a stock's appreciation while hedging against a decline.
Anschutz retired as a director of Qwest earlier this year so he
could concentrate on his growing private empire, including major
stakes in oil, railroads, sports teams, a theater chain and
The Anschutz Family Foundation was founded in 1982, and provides
grants and other funds for charitable endeavors, including a
multimillion donation for a patient care pavilion at the
University of Colorado's Health Sciences Center on the site of
the former Fitzsimons Army Medical Center in suburban Aurora.
Denver-based Qwest is the primary phone service provider in 14
Midwestern and Western states.