Gatehouse Media's second biggest stockholder sells all remaining shares

Editor & Publisher reports GateHouse Media's second biggest stockholder, San Francisco financier Jeffrey G. Edwards, has sold all of his more than six million shares in the beleaguered company:

San Francisco investor Jeffrey G. Edwards, who had been the second-biggest single stakeholder in GateHouse Media Inc., disclosed Tuesday that he has sold off virtually all his holdings in the community newspaper publisher.

Through JGE Capital Management LLC and East Peak Partners LLC, Edwards had controlled 6,466,600 shares of stock, or 11.1% of outstanding shares, according to GateHouse's 2008 annual proxy. That stake was surpassed only by GateHouse's principal owner, Fortress Investment Holdings LLC, which owned 41.9%, according to the proxy.

Last week, Edwards disclosed he had sold about one-third of his stake, leaving him with an even 4 million shares, plus about 105,000 shares in accounts for himself and his immediate family.

Tuesday's filing shows that JGE Capital Management and East Peak now own no GateHouse shares at all. Edwards still owns the shares in the individual and family accounts.

Edwards' original selloff last week was covered exclusively in the Oct. 16 Turner Report.