Here's the basis,wiseguy........AOL's Case, Other Insiders File to Sell Shares as Stock Rises
11/3/99 3:18:00 PM
Source: Bloomberg News
Washington, Nov. 3 (Bloomberg)-- America Online Inc. Chairman Steve Case filed to sell 800,000
shares of the No. 1 online service, joining other company insiders who have moved to sell as the
stock has risen 68 percent since Sept. 20.
James Barksdale, the former Netscape Communications Corp. chief executive who joined AOL's
board after the online service acquired Netscape earlier this year, filed with the Securities and
Exchange Commission between Oct. 26 and Monday to sell 455,000 shares, according to data from
the Washington Service.
Marc Andreessen, the Netscape co-founder who now is an adviser to
AOL after initially joining the company as its chief technology officer
following the Netscape acquisition, filed Monday to sell 150,000
shares, according to Washington Service, which tracks insider buying
and selling.
Case filed in recent days to sell 800,000 shares, said AOL spokesman
Jim Whitney. At current prices, those shares would be worth more
than $111 million. Case's sale was described as ''routine selling'' and
''part of personal financial planning'' by an AOL spokesman, who said
the chairman and chief executive holds 15.4 million shares.
AOL shares rose 6 3/16 to 139 in New York Stock Exchange trading
today.
Barksdale holds 3.7 million shares, AOL's Whitney said. His most recent filings followed the sale of
437,500 shares in July at prices from $101.52 to $102.95, according to Washington Service data.
Andreessen, who helped develop the Web browser and co- founded Netscape Communications, had
filed to sell almost 950,000 shares on Aug. 19. Andreessen stepped down from AOL in September to
become a part-time strategic adviser so he can spend more time working with start-up companies.
Andreessen recently signed a consulting agreement with Sunnyvale, California-based CacheFlow
Inc., which sells appliances used to speed the delivery of Web pages. CacheFlow has filed for an
initial public offering in which it expects to sell 5 million shares for $11 to $13 each.
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