Dolan Reports 100 MSGS Spinco Shares, All Held Indirectly, As Spinoff Registration Takes Effect
James Dolan's Form 3 lists 100 shares held through Madison Square Garden Sports and its subsidiaries, and he disclaims ownership.
James Dolan, executive chairman and CEO of Madison Square Garden Sports, reported 100 shares of MSGS Spinco in a Form 3, the report new insiders file, on Friday. The filing ties to the SEC's declaration that the spinoff's Form 10 registration statement is effective.
What the Form 3 says
All 100 shares are indirect, held through Madison Square Garden Sports and its subsidiaries. Dolan holds none directly, according to the filing.
A footnote places Dolan in a Section 13(d) group covering Madison Square Garden Sports stock. Because of that, he may be deemed to beneficially own MSGS Spinco shares that the parent and its subsidiaries hold directly.
Dolan disclaims that ownership except to the extent of any financial interest in the shares. Per the footnote, the report does not concede he is a beneficial owner under Section 16 or otherwise. The form states no per-share price or transaction value.
What it changes
Dolan now has a reporting-insider relationship with MSGS Spinco. The shares are the parent's, not his own personal holding, and the filing treats them that way.
The filing's remarks say it was made because the SEC declared the Form 10 effective. That document outlines the parent's plan to give its stockholders all of the MSGS Spinco common stock.
What to watch
The distribution itself is described as planned, not completed. The filing gives no date for it.
The distribution to Madison Square Garden Sports holders of all MSGS Spinco common stock is the next step the filing describes.
Sources
- Form 3 — James Lawrence Dolan (NONE) — SEC EDGAR
