One of several investor groupsformerly associated with London investor Christopher Moran in
his unsuccessful bid to take over Zondervan Corp last year,
said it cut its stake in the company to less than five pct.
    In a filing with the Securities and Exchange Commission,
the group, led by investors Lawrence Altschul and James
Apostolakis, said it cut its Zondervan stake to 157,500 shares,
or 3.8 pct of the total, from 246,500 shares, or 5.9 pct.
    The group, which earlier this month said in an SEC filing
it wanted join with other groups to maximize share values, said
it sold 89,000 shares between June 9 and 15 for 1.5 mln dlrs.
    The group had joined with the Moran group, which last year
assembled a combined 44 pct stake in Zondervan during its
unsuccessful takeover try.
    Last month, the Moran group broke up and splintered into
various factions. Moran himself withdrew from the takeover
effort and last reported his personal stake at 4.8 pct.
    A group led by Miwok Capital Corp, a California broker with
a 10.6 pct stake, and another one led by Minneapolis
stockbroker Jeffrey Wendel with 2.6 pct, have both made recent
SEC filings saying they are seeking agreements with other
parties who may want to seek control of the company.
 Reuter
