First Data Dumps Shares In Ailing ATMOperator
DENVER - (06/21/06) First Data Corp. reported itsCardservice International unit has sold off much of its stake introubled ATM operator Global Axcess Corp. Cardservice sold off morethan a third of its Global Axcess shares over the last six weeksfor just pennies on the share, according to a filing with theSecurities and Exchange Commission. Between May 1 and June 7,Cardservice sold 534,500 shares for between 60 cents and 80 centeach. That leaves Cardservice with 900,029 Global Axcess shares, a4.28% stake. Global Axcess, which operates more than 5,000 ATMs,some of them co-branded by credit unions, reported a $722,000 loss2005 and an $877,900 loss for its first quarter, and has announcedit is shopping itself to prospective suitors. Global Axcess shareswere trading for just 52 cents Tuesday.