Qwest Communications (Q) (formerly QWST) Message Board

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Technology Stocks : Qwest Communications (Q) (formerly QWST)

Q 77.60

-4.2%

3:59 PM EST

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To: David Perfette who wrote (4317)	6/23/1999 12:05:00 PM
From: Harry J.	Read Replies (2) of 6846

I keep seeing that J.Nacchio "sold $50mill in stock" recently. I just spent a few minutes browsing SEC's Edgar database and must have missed it (but admit I didn't read everything, just looked at title pages for stock issuances). Anybody have a site or cite? I'd like to know whether the apparent "sale" was actually an options issuance in which the company buys back half the options from the insiders at the market price of the shares and then the insiders use the proceeds to pay for the stock received from the exercise of the other half of the options. This device was invented years ago to allow an insider to exercise expiring options and to pay for the resulting stock without borrowing money or using his or her "own" money, but I don't know if it can still be done. If it can, and if Mr. Nacchio did use it, then the "sale" probably was nothing more than a means of keeping from losing the value of the options rather than a bailing out. Anybody have the facts on this? Regards, Harry

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