Cheney Sells Off Halliburton Shares
Sep. 13, 2000
WASHINGTON (AP) _ Republican vice presidential candidate Dick Cheney sold 660,000 shares of Halliburton Co. worth about $35 million in August, his spokesman said Tuesday.
The sale was a standard divestiture of securities, and not connected to the election, said the spokesman, Dirk Vandebeek.
Shortly after being tapped by GOP presidential candidate Gov. George W. Bush, Cheney retired as chief executive of Halliburton Co., an oil services company based in Dallas.
``These were already vested options, and he cashed them in,'' Vandebeek said.
The shares were valued at about $35 million, according to documents filed with the Securities and Exchange Commission, and Cheney received an $18.3 million profit from the sale, which occurred in late August.
Cheney still holds options to buy 500,000 shares of Halliburton stock at prices ranging from $28.13 to $54.50 per share. The options expire between 2007 and 2009.
At Friday's closing price of $53.64 a share, the Halliburton stock would be worth $67.6 million.
In June, Cheney sold 100,000 shares for an estimated $5.1 million.
Cheney recently announced that, if elected, he would forfeit any options that have not been vested by the time he assumes office.