Zell increases stake in barge line
Sam Zell, the Chicago billionaire who recently purchased the Chicago Tribune, and once had the nickname “grave dancer” because of his strategy of buying and turning around distressed real estate properties, has increased his stake in the barge line American Commercial Lines, which also owns the Jeffboat shipyard.
According to a recent filing with the U.S. Securities and Exchange Commission, Zell-affiliated companies have increased their stake in the company to 25.5 percent.
Forbes magazine reported last year that Zell has had a long-standing interest in the barge business, first buying American Commercial bonds in 2002.
American Commercial’s stock closed at $17 on Thursday, compared to a low of $12.60 in November, and far from its 52 week high of $39.88.