Bear Stearns Cos. Chairman James Cayne dumped his entire stake in the embattled investment bank for $10.84 / share ... then it sells for $2 / share ..

Bear Stearns' Cayne Sells Once-$1 Billion Stake For $61 Million | JOE BEL BRUNO | March 28, 2008

NEW YORK — Bear Stearns Cos. Chairman James Cayne dumped his entire stake in the embattled investment bank for $61 million as it appears closer to a takeover by JPMorgan Chase & Co.

Cayne sold 5.66 million shares for exactly $10.84 a share on March 25, according to a filing with the Securities and Exchange Commission. His stake was once valued at about $1 billion when the stock was trading at $171.50 per share.

The filing was disclosed Thursday.
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[Bear Stearns was sold for $2 / share a few days later. ed.]