Two executives file to sell stock

Daniel Wade, MGM's new chief operating officer, filed a form with the Securities and Exchange Commission indicating plans to sell 71,500 shares of his personal MGM holdings. According to the company's latest proxy statement, the sale would liquidate about 80 percent of Wade's 89,300 shares.

At Friday's mid-day trading price of $48.31, Wade's sale would raise about $3.5 million.

In April, Wade was promoted from executive vice president to chief operating officer. He replaced Alex Yemenidjian in the COO post. Yemenidjian became chairman and chief executive of Metro-Goldwyn-Mayer Inc. in Los Angeles, but retained the title of president of MGM Grand.

Also planning to sell securities is Scott Langsner, MGM's secretary and treasurer. Langsner filed April 28 to sell 25,000 of his 45,222 shares, or about 55 percent of his holdings.

At Friday's prices, Langsner's sale is worth about $1.2 million.

James Murren, MGM's chief financial officer, declined to comment on the reasons for the sales.

"We're a public company, and people are free to buy and sell the stock," said Murren.

He did say the sales are not indicative of any problems at the company.

Wade and Langsner's sales and holdings are miniscule compared to Kirk Kerkorian's 38 million shares, which represent 60 percent of the 61.8 million shares outstanding. Wade's pre-sale holdings total about 0.14 percent of all MGM shares, and Langsner's pre-sale holdings represent about 0.07 percent of all company shares.

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