Knight/Trimark Group, Inc. Message Board

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Non-Tech : Knight/Trimark Group, Inc.

KCG 20.00

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Aug 17 5:00 PM EST

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To: Sir Francis Drake who wrote (5041)	10/14/1999 1:42:00 AM
From: Gary Korn	Read Replies (1) of 10027

Morgan, As another interesting aside on insider sales, they actually often increase before a merger occurs. (I'm not saying that a merger is anywhere in the cards for NITE, so don't get me wrong, I'm just discussing this out of intellectual curiosity). The sales occur before a merger because, after the deal is inked, a lock-up period is created (I think it lasts until at least the first set of consolidated financials is released). Insiders know they will be locked-up for a time, and know they will need cash in the interim, so they sell. A classic example of this is CSCC, before it was purchased by ASND. There was tremendous selling by CSCC insiders. Then, a few weeks later, whammo. The company was bought out at a hefty premium. Gary Korn

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