Tri-Continental Sold

The shares of Tri-Continental Corporation (TY) in my FPF Value model portfolio were sold on September 27, 2006. Sorry about the delay in reporting that. I didn’t have a chance to post about it right away and then it slipped my mind.

I placed a limit order for $21.21, the price shares were selling at the time, on Wednesday morning, September 27, 2006. I realized Wednesday morning that it didn’t look like Tri-Continental’s Board would change. The fund seemed very determined not to make any of the changes that Western Investment was pushing. The amount of money and time being spent by the fund managers to defend their position concerned me, so I decided it was time to sell, especially given the approach of the Dow high.

Here’s the sale details from Marketocracy:

“Your ticket to sell 10000 shares of TY at $21.2100, created at 10:24 Sep 27
completed at 12:43 Sep 27. 1580 shares were sold at a net average price of
$21.1593 including commissions and fees.”

You can view my FPF Value Fund at Marketocracy for more details.

Disclosure: My family no longer owns shares of TY.