I see that there's someone on SH who thinks he knows more than he does.
He probably believes that because, as he says:
"Are you serious? I have been in contact not only with company, but underwriters, investors in 8003, Tai Fook,and others ....and you're giving me the company'as e-mail address?"
Or more politely name-dropped:
"I am in touch with analysts, underwriters, the company,
investors, etc, from time to time re my stocks"
What a terrible mistake I've obviously made, going against this Great Man's whims. Let me fall prostrate in the shadow of his all-encompassing knowledge.
Yeah, right...
Some people think that if they say the same thing over and over again, it makes it true:
"THERE WERE NO INSIDER TRADES IN TOM FOR AT LEAST THE PAST TWO YEARS!!!!!!!!! LOOK AT THEIR PROXIES. SO, WOULD YOU PLEASE STOP SPREADING THESE RIDICULOUS RUMOURS, THERE ARE ENOUGH REAL ISSUES TO WORRY ABOUT!"
"There has been only one instance of insider trading in the past three years, as Mr James Wong sold approximately 1.15 million shares in 1998, leaving him with about 2.6 million shares. [...] and it occurred long before the 8003 ipo or the run up in the stock."
"management did not sell a single share of tom while the stock rose to 3.50....they have about 11.5-12 million shares! - and you think they are trying to dump stock, stiff us, siphon off profits, etc? get serious...."
Hmmm... Looks like someone should get back on the phone to his buddies, the insiders, underwriters, investors, analysts, the Queen of England, and the ghost of Adam Smith.
The fact is that TOM insiders did sell into the last runup when it all-so-briefly popped up above $2.00. And they didn't just sell a little--they sold a bunch; and it wasn't just one insider raising a little cash to buy medicine for his gravely ill daughter, either.
Terms almost fail me to describe the extent of the selling: orgy comes close.
Perhaps some people believe that insiders haven't been selling because they did a search on the free BCSC site and came up with nothing.
Well, if you got any other result, you should double check, because the BCSC does not report TOM insider trading on its site. Phone them, as I did an hour ago, if you'd like to confirm that.
If you want to see the real insider trading, you may actually have to dig a little deeper than the nearest free web site (which doesn't cover TOM in the first place). Instead, you might have more luck with a pay service like the Carlson Online insider trading database.
Anyway, there were many TOM shares sold by insiders since the 8003-triggered runup. If someone from TOM is telling anyone otherwise, they're lying: report it to the ASC. But I highly doubt that they would tell you anything so contradictory to the truth. So, until someone claims that he or she can't find it on Carlson...
(AND ANYONE WHO THINKS THAT TAKING 10% OF NET PROFITS IS EQUIVALENT TO TAKING 10% OF THE COMPANY SIMPLY HAS TO BE A BASHER, THAT IS RIDICULOUS)
Indeed, something does strike me as ridiculous. In fact, I've been trying to ridicule that something in this very post.
Yes, I am rightly dismissed as a basher. The font of all TOM wisdom has spoken, so it must be so. I, the small investor who's been contributing to this forum since its inception. I, who have been long TOM almost consistently since long before there was ever a TOM post on Stockhouse. I, basher.
Seriously, I'm not rabidly against TOM. Actually, I like its long-term prospects and will probably maintain a small core holding.
That said, I would like it much more if the insiders also behaved like long-term investors, and if I was confident that they were not looking for ways to liberate 6% here and 10% there. While any one of these money grabs might not be overly significant; together, they add up.
Mike |
