Gary, in addition to AMTD, SWS also holds a sizable NITE position. Not sure how many of these shares have been sold, but I recall them saying (in another filing) they will use these gains to fund growth. From the most recent 10-Q:
The Parent owned a minority interest in Roundtable Partners, LLC, the predecessor of Knight/Trimark Group, Inc. ("Knight"), which filed an
S-1 registration statement with the U.S. Securities and Exchange Commission on May 1, 1998 for an initial public offering of stock.
Subsequent to the offering, which closed on July 10, 1998, the Parent owned approximately 1.7 million shares of Knight. The shares are
classified as marketable equity securities available for sale, and the unrealized holding gain, net of tax, is recorded as a separate component
of stockholders' equity on the consolidated statements of financial condition in accordance with Statement of Financial Accounting Standards
No. 115, "Accounting for Certain Investments in Debt and Equity Securities." Knight filed an S-1 registration statement for a secondary
offering on February 1, 1999. The Parent did not sell any of its shares in conjunction with the offering. The shares owned by the Parent are
subject to a 90-day sales restriction agreement that ends May 27, 1999. Knight declared a two-for-one stock split payable to shareholders
of record as of the close of business on April 30, 1999, to be paid on or about May 14, 1999. |
