Regions

Filmmaker Lucas-controlled trust buys USD10 million in Starbucks stake

Close
August 23
2:48 AM 2013

'Star Wars' creator George Lucas purchased a USD10 million stake in Starbucks Corp. through his trust. In a filing done by Lucas' wife Mellody Hobson with the US Securities and Exchange Commission (SEC), Lucas' GWL Living Trust purchased 141,573 shares last August 19 for a median USD70.60 per share. The filing also claimed that the purchase of the Starbucks shares were for the "benefit of the reporting person's spouse." GWL Living Trust's sole trustee and beneficiary is Lucas.

Hobson, who is the president of Chicago-based asset management firm Ariel Investments LLC, was required to report company share transactions done as a Starbucks director, as well as transactions done by her immediate family members. Hobson declined to comment to Bloomberg's report about the filing. Connie Wethington, who represents Lucas, wrote in an email also to Bloomberg that "no comments or statements will be issued with regard to stock inquiries."

Starbucks rose 1.7% in closing today at USD71.90. The company recorded a 52-week high on August 2 at USD74.23 per share. Lucas sold his Lucasfilms Ltd. to Disney for USD4 billion worth of cash and in stock. Lucasfilm hold profitable cash cows like "Indiana Jones" and "Star Wars".

© 2022 VCPOST, All rights reserved. Do not reproduce without permission.
Tags
Share

Comments

Join the Conversation

Subscribe to VCpost newsletter

Sign up for our Deals of the Day newsletter.
We will not spam you!

Real Time Analytics