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Maybe he just can't get a grip on the C.O.T. He has really struggled since the switch, and maybe he can't grasp how this car works to tell his Chief what ne...
Brian France sells most of his ISC stock
By Bob Pockrass
Wednesday, March 15, 2006
NASCAR Chairman Brian France has sold most of his stock in International Speedway Corp., the publicly traded track operating company controlled by his family, but an ISC spokesman said March 9 there is nothing unusual about the action.
France didn't own much of the stock, relatively speaking, in the first place. According to its annual filing of stockholders to the Securities and Exchange Commission, ISC reported March 6 that Brian France had 8,930 shares of Class A stock and 8,033 of Class B stock (.03 percent of the total voting power). In last year's report, he had 237,078 shares of Class A and 235,181 of Class B (0.78 percent voting power). The stock sales happened sometime before Jan. 31.
His sister, ISC President Lesa France Kennedy, also has given up some of her stock. She had 417,404 shares of Class A and 391,718 shares of Class B (1.34 percent of the total). At the end of last year, she owned 888,812 of Class A and 867,407 shares of Class B (2.9 percent in voting power).
None of the sales were to anyone outside of the France Family Group (made up of 35 members), which collectively owns 62.95 percent of the ISC stock and votes as one entity. Members of the France family own stock as part of the France Family Group and also can own shares outside of it.
"There are transfers all of the time between entities because they're trying to do estate planning and other things," ISC Investor Relations Director Wes Harris said. "There's been no direct sales of the France Family Group stock."
Harris said ISC also has adjusted the way it calculates the percentage of stock for each of the members of the France Family Group, and that might have resulted in some of the changes.
"There is a different presentation than what they have used in the past ... to where they more accurately reflect [their holdings]," Harris said.
For more in-depth coverage, see the March 16 issue of NASCAR Scene.
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