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3Com board member plans to sell shares

A current 3Com board member and former chief executive at US Robotics files plans to sell more than a quarter of his holdings in the data networking company.

A current 3Com board member and former chief executive at US Robotics has filed plans to sell more than a quarter of his holdings in the data networking company.

Casey Cowell holds around 1 percent of 3Com's stock, or about 4 million shares, and has filed to sell about 1.5 million of them, according to documents filed with the Securities and Exchange Commission. Sales of the stock could reap about $70 million, based on 3Com's current stock price.

Cowell was previously the chief executive and chairman of US Robotics, a modem and remote access equipment player that was purchased by 3Com in June of 1997.

As part of recent 3Com proxy statement filed in August of last year, 1.6 million of Cowell's holdings were in stock options exercisable within sixty days of the filing.

3Com's stock has rebounded from a serious downturn last summer, when the company's stock reached a 52-week low of 22.9375 per share. Shares rose 1.3438 to close at 47.3438 today.

Cowell shifted to a board member role at 3Com in June of 1997, once the merger of his company and 3Com was complete.

A 3Com spokeswoman declined to comment on Cowell's plans.