HAMILTON, Bermuda (CelebrityAccess MediaWire) — Former Live Nation exec Michael Cohl has divested himself of a considerable portion of his holdings in the company, SEC filings revealed on Tuesday.
According to the filings, Cohl, now a citizen-resident of Barbados, sold 319,098 of his LN shares, comprising all of his former company Concert Productions International which he sold to Live Nation in 2006, and all 37,510 shares in his consultancy, KSC. Cohl still controls 586,366 shares of Live Nation's common stock which is trading at 5.47 at time of publication.
In a simultaneous filing, 3,747,669 of Live Nation's stock was transfered to a resident of Bermuda, Sutherland Arthur Morris. The shares were part of a block that was transferred in June 2008 to a Turks & Caicos holding company named Samco Investments. Samco is wholly-owned by EnterVest Portfolios International Inc., a Turks & Caicos corporation (EPI), which in turn is wholly-owned by Continental Trust Company Limited, a Bermuda corporation (CTC).
The mysterious Sutherland Arthur Morris, controls CTC directly, and EPI and Samco indirectly through CTC (Mr. Morris, CTC, EPI and Samco are collectively referred to herein as the "Samco Reporting Persons"). 4,829,269 of the Samco Shares are held in a Trust, of which Wells Fargo, N.A. is the Trustee. The Samco Reporting Persons have no voting power over the shares held in such Trust. Morris's name appears in connection with a number of other Caribbean holding companies. Morris is listed as controlling more than 6.3 million shares of Live Nation stock.
The complex web of companies makes it difficult to divine precisely what Mr. Morris' connection with Mr. Cohl or Live Nation is, but frequently, companies registered in the Turks & Caicos islands are used as tax shelters. The information was obtained as part of an SEC Schedule 13g which is a required filing for a public company when an entity acquires beneficial ownership of 5% or more of the outstanding common stock in a public company. – CelebrityAccess Staff Writers