Charitable Remainder Unitrust Sells 24 Million Shares of Hilton Common Stock.BEVERLY HILLS Beverly Hills, city (1990 pop. 31,971), Los Angeles co., S Calif., completely surrounded by the city of Los Angeles; inc. 1914. The largely residential city is home to many motion-picture and television personalities. , Calif.--(BUSINESS WIRE)--April 30, 1998--Hilton Hotels Corp. (NYSE NYSE See: New York Stock Exchange :HLT HLT See: Highly leveraged transaction ) Wednesday said that a charitable remainder unitrust History Requirements Under ยง 664(d)(1) a charitable remainder unitrust is a trust that has four requirements: Fixed percentage paymentThe payment must be a fixed percentage, which is not less than 5 percent nor more than 50 percent of the net fair market -- of which Hilton Chairman Barron Hilton is sole trustee -- has sold 24 million shares of Hilton common stock.The shares were sold to Donaldson, Lufkin & Jenrette Securities Corp. The sale is scheduled to settle May 5. "As I stated when I filed my intention to sell these shares, the primary purpose of my taking this action is to assist the trust in diversifying its holdings," Hilton said. "I emphasize that I am retaining my significant personal holdings in Hilton Hotels Corp., and am doing so because of the great confidence I have in the company's future." CONTACT: Hilton Hotels Corp., Beverly Hills Marc Grossman, 310/205-4030 http://www.hilton.com |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion