Gates' investment firm cuts stake in Pacific Ethanol

By | July 08, 2008
This spring, Cascade Investment LLC, the investment firm of Microsoft Corp. Founder and Chairman Bill Gates, pared its investment in Sacramento, Calif.-based ethanol producer Pacific Ethanol Inc. In early May, it unloaded 9.5 million out of 41.8 million outstanding shares. Again, in June, it sold 1 million shares, according to a statement of changes in beneficial ownership filed through the U.S. Securities and Exchange Commission. In all, Cascade Investment has unloaded more than one-fifth of its original investment in Pacific Ethanol, which equaled approximately 20 percent control of the company. It originally invested $84 million in Pacific Ethanol in 2005.