FL Group sells most of its shares of AMR

By Lisa Kerner

Charlotte, N.C., Nov. 30 - FL Group said it sold the bulk of its holdings in AMR Corp. in order to "reduce its exposure to the aviation sector" and to the company, particularly in light of AMR's performance in 2007 and "current economic conditions in the United States."

The reporting persons currently beneficially own 2,658,000 shares, or about 1.1%, of AMR's outstanding shares, according to a schedule 13D filing with the Securities and Exchange Commission.

FL Group previously reported a 9.1% stake in AMR.

On Nov. 28 FL Group's subsidiary, FL Group Holding Netherlands BV, sold 17.8 million of the 20,458,000 shares it held.

The investor had "strongly urged" AMR to consider strategic alternatives, including the spin-off of certain business operations, back in September.

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