Calls push Life Time CEO to sell more stock

Updated: October 27, 2008 - 8:19 PM

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The chairman and chief executive of Life Time Fitness Inc. on Monday reported he raised $5.6 million through forced sales of company stock to cover margin calls. Bahram Akradi sold 287,800 shares for an average price of $19.61 a share, according to a filing with the Securities and Exchange Commission. Already in October, margin calls have forced Akradi to sell hundreds of thousands of shares of the Chanhassen gym operator. After his most recent sales, Akradi reported ownership of 2.57 million remaining shares. Shares of Life Time closed Monday at $18.66, down 55 cents.

DOW JONES NEWS SERVICE