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Ailing AIG's shares face delisting in NY
Bill Condie06.02.09
Embattled insurer AIG's shares have fallen below $1, the threshold for possible delisting in New York.
The New York Stock Exchange may start delisting proceedings for companies whose 30-day average price falls below $1.
AIG, bailed out by the US government last year, fell as low as 99 cents - less than half the price on 17 September, the day after it agreed to turn over a majority stake to the government.
The insurer is committed to sell most of its businesses to repay the government, to which it had to return for more help after tight credit markets stopped many potential buyers bidding for its assets.
AIG has struck deals to sell operations that will raise more than $2.3billion (£1.6billion), compared with the $38.9billion it tapped from the US taxpayer.
Hank Greenberg, former chief executive and largest shareholder of the group, has railed against the asset sales.
"You can't possibly pay the taxpayer back by liquidating the company, or a major part of it," he said last month.
