WASHINGTON -- James P. Cotton said he reduced his stake in BEI Holdings to 12.9% of the common stock outstanding.

In a filing with the Securities and Exchange Commission, Mr. Cotton said he sold 120,000 BEI common shares from Feb. 6 to June 4 at prices ranging from $3.07 to $3.38 a share. He still holds 1,298,592 shares.

Mr. Cotton, described as a private investor, was a founder of Bank Earnings International, the Atlanta consulting company that spawned BEI Holdings. He did not give a reason for his cut in ownership.

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