Insider selling? Why? Cause they only paid a couple of bucks for those shares and Credit Suisse First Boston Corporation allowed an early release of some shares from the lockup.
The SEC document that was filed on 11/4 had a mention in it that there were early releases of some of the lockup shares. I thought that was very kind of the underwriter :)
Also in that document is the planned release/availability of millions of more shares. The document primarily deals with the secondary offering of 4.4 million insider shares and 2.2 million company shares (not including 990,000 for over allotments).
I really like the wording of the first paragraph from the document below, "assuming FBCO does not release stockholders from these agreements". FBCO can be trusted about as well as one can trust a scorpion. They manipulate the price up first, short the heck out of it, and then release the shares. Free money for them. This of course, is imho, but an educated guess from watching the timing of press releases, stock price action, and the behavior of FBCO on a level2 quote screen.
This stock will be a moneymaker from both the short and long side for the rest of the year. Just have to time it right.
From SEC Amended Form S-1:
Taking into account the lock-up agreements, and assuming Credit Suisse First
Boston Corporation does not release stockholders from these agreements, the
following shares will be eligible for sale in the public market at the
following times:
. Upon completion of this offering, the 6,600,000 shares sold in the
offering, as well as approximately 9,315,388 shares outstanding prior to
the offering, will be immediately available for sale in the public
market.
. On December 8, 1999, approximately 12,041,550 shares will be eligible for
sale, 1,024,776 shares of which will be subject to volume, manner of sale
and other limitations under Rule 144.
. The remaining 39,220,052 shares will be eligible for sale upon the
expiration of the 90-day lock-up period following this offering, subject,
in certain cases, to volume, manner of sale and other limitations under
Rule 144.
(This is truly alot of stock that will hit the street very soon) |
