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Technology Stocks : Global Crossing - GX (formerly GBLX)
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To: CF Rebel who wrote (4309)2/15/2000 9:46:00 AM
From: quidditch  Read Replies (1) of 15615
 
CF, some clarifications on "insider" status:

the largest institutional shareholder, CNA Financial, holds just under 5% of GBLX, therefore is not classified as an insider.

The 5% holding threshold does not necessarily confer "insider" status (where the holder is subject to the short swing profit rules under Section 16 of the Exchange Act). Holding more than 5% does implicate reporting obligations under Rules 13d-1 and 13d-2 of the Exchange Act. I know this is not what you were getting at in response to another poster--just wanted to clarify.

The statement:

if the Institutions own more than 5%, then they cannot sell without notification, and my understanding was insiders were considered anyone unable to trade without the notification...

confuses "insider" with 5% holder status and is incorrect to the extent it implies that trading is conditioned on prior or even contemporaneous notification. As long as an institution does not hold securities with the intention of changing or influcencing control, its reporting obligation is within 10 or 45 days after the end of the month or year, respectively (depending on the percentage held 10%/5% and the transaction conferring change in position), in which the reportable transaction took place (is more complicated than this, but too long to recite).

CF, thanks for your reporting on institutional ownership information and sites--helpful to all.

Steve
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