Arlington, Virginia-based American Management Systems Inc is another of those IBM Corp investments that have turned out to be less than strategic, and the company has bought 300,000 of its own shares back from IBM for $4.8m, reducing IBM’s stake in the company to below 5%; American Management Systems said IBM continues to hold 560,500 shares of convertible preferred stock which at current conversion ratios is equivalent to 840,750 shares of common stock; IBM said in February that it will convert all its remaining shares to common no later than September 10, 1994.
