Third Point sells off shares of Massey Energy following principal's resignation from board

By Lisa Kerner

Charlotte, N.C., Aug. 6 - Massey Energy Co. stockholder Third Point LLC sold 3,300,200 shares of the company's stock between July 31 and Aug. 6 priced from $18.16 to $21.86 per share.

The reporting persons beneficially own 1,501,424 shares, or 1.9%, of the company's outstanding stock, according to a schedule 13D filing with the Securities and Exchange Commission.

Third Point principal Daniel S. Loeb resigned from Massey's board on June 14. Loeb believed the "shareholders would have been much better served by a decision to follow through on an attractive business combination with a competitor," a prior SEC filing stated. Loeb also cited the board's "misguided insistence" on keeping its chief executive officer in place.

Massey is a Richmond, Va.-based coal producer.

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