News

First Data dumps shares in ailing ATM ISO

June 21, 2006

DENVER -First Data Corp. reported its Cardservice International unit has sold off much of its stake in troubled ATM operator Global Axcess Corp. Cardservice sold off more than a third of its Global Axcess shares over the last six weeks for just pennies on the share, according to a regulatory filing. Between May 1 and June 7, Cardservice sold 534,500 shares for between 60 cents and 80 cent each. That leaves Cardservice with 900,029 Global Axcess shares, a 4.28 percent stake.

Global Axcess, which operates more than 5,000 ATMs, some of them co-branded by credit unions, reported a $722,000 loss in 2005 and an $877,900 loss for its first quarter. The company is shopping itself to prospective suitors. Global Axcess shares were trading for just 52 cents June 21.