MAI Moves to Allow Sale of 2 Million Shares

MAI Systems Corp. is seeking permission from the U.S. Securities and Exchange Commission to allow Wall Street financier Bennett S. LeBow to sell the nearly 2 million shares of MAI stock he owns.

LeBow, former chairman of Irvine-based MAI, resigned as a director on Oct. 17, cutting his last management ties with the computer maker, which he led into and out of bankruptcy. The shares represent LeBow’s entire stake in MAI, which has 6.7 million shares outstanding. At one point, he had 82.3% of the company’s shares.

A spokesman said the company’s SEC filing seeks to eliminate volume limitations on the sale of stock by LeBow.