Heartland Payment Systems CEO forced to sell shares

By Lisa Kerner

Charlotte, N.C., March 2 - Heartland Payment Systems, Inc. chief executive officer Robert O. Carr and his wife were forced to sell a total of 692,412 shares of the company's common stock to meet loan obligations.

The shares had been pledged as security, Heartland said.

Carr used the loan proceeds to refinance prior loans that were used to acquire Heartland stock in 2006.

The remaining 4.3 million Heartland shares held by the Carrs are also likely to be sold to satisfy loan obligations, according to a Heartland news release.

Carr said he was "extremely disappointed" about the involuntary sale of his stock.

"This forced sale is precipitated by the mix of extraordinary circumstances confronting Heartland and the recent drop in its stock price," Carr said in the release.

"My confidence in Heartland remains strong, and I am enthusiastic about re-establishing my ownership position in the company over the months and years to come."

Heartland said its chief sales officer, Sanford C. Brown, is expected to also be forced to sell his Heartland shares to meet loan obligations.

Princeton, N.J.-based Heartland, together with its subsidiaries, provides bank card payment processing services to merchants in the United States.

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