Regarding sales, I searched www.freeedgar.com as you mentioned the selling activities according to form 4's filed. Here are the insider transactions reported and the latest I can find, all related to directors of the company:
STONECIPHER SHIRLEY, identified as director
On 12/13/99
Desposed 12,800 shares
Remaining shares 1,049,225
and his spouse has 17,356
BELSKY MARTIN H, director.
On 9/24/99
Acquired 1,000 at $30.25
Disposed 1,000 at $36
(This seems to a stock option exercise)
Remaining shares 350
GRUNEBAUM PETER, director
On 08/03/99
Disposed 100
Remaining shares: 10,700 direct owned and indirectly 1200 by KEOGH plan
SMITH WILBURN, director
On 08/09/99
Disposed 22,000
Acquired 22,000
(This is a transfer to a family trust as indicated in the note)
Remain shares: 27,266 direct, and 22,000 through family trust (probably acquired from the above transaction).
STONECIPHER HARLAND CECIL, director
On 5/19/99
Disposed 10,000
Remaining shares: 1,062,025 direct, indirect 17,356
HARP RANDY, director
On 2/01/99
Acquired 2,500
remaing shares 15,100 and 1000 indirect
GRUNEBAUM PETER, director
On 01/25/99
Acquired 3,000
Remaining 18,000 and 15,445 indirect.
And several remaining form 4's in the year (99) are specifying the acquired stock option rights to buy at between $26 to $30 or so.
The only significant sale is by ONE director selling less than 2% and less than 1% of his holdings.
Unless you have more data for other recent sales, I fail to see the need of making a big deal here regarding insider sales for this company, to be in perspective either comparing with other companies in general, and in particular regarding the share ownership of insiders in this company.
I noticed that a few months ago you have been predicting more heavy insider sales due to coming growth problems of memberships, for the reasons you were shorting the stock. Is this what you have in mind?
Shawn |
