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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Think4Yourself who wrote (64683)4/15/2000 2:38:00 PM
From: jim_p  Read Replies (1) of 95453
 
I had the same problem in 1982 when the oil markets were starting to crash and our company had just gone public. Your idea of shorting is a good one, but it's not illegal for an officer or a director of a public company to short his own company. I watched our stock that I got for $1.00 go to $21.00 in less than six months and back to zero. It's not a lot of fun.

You can resign as an officer, wait until you don't have insider information to short the stock and lock in the profit. If the stock is 144 stock, the time clock stops while the stock is short. Once you cover your short the 144 clock starts again, you still have to wait the required time period before you can sell the shares you got back to recognize the profit. In 1982 the time period was two years. Don't think that I didn't think long and hard about it.

Jim
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