Pac Rim Holding Corp. said that 602,000 of its common shares, owned by First Interstate Bank, were sold in private-placement to a group of investors for $1.505 million, or $2.50 per share.
The shares, acquired by First Interstate through a loan foreclosure, were sold to a group including a company run by Richard Pickup of Newport Beach, who controls about 10% of the outstanding shares of Pac Rim. Other purchasers of the shares included Pac Rim directors Dennis Aigner, Dennis Harwood and Carl Strunk.
