Net Perceptions, Inc. (NETP) Message Board

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Technology Stocks : Net Perceptions, Inc. (NETP)

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To: rupert1 who wrote (2635)	8/4/2000 7:41:22 AM
From: rupert1	Read Replies (2) of 2908

Insider Trader - NETP . insidertrader.com Confusion in the latest Insider Trader returns are already causing rumours on the Yahoo message board. I hope the company can correct the original sources. The latest return shows Norwest Bank as the top institutional holder, apart from the venture capitalists. The Norwest Bank is the trust bank for the company and for insiders and other employees. Confusion arises when the bank files a return which is interpreted as showing its beneficial holdings, when, in fact, it shows its trust holdings. This happened before when the bank filed as holding 2.8 million shares. In fact, 2 million were the new shares issued for the SPO and the rest were insider shares to be sold under the auspices of the SPO. They were counted twice by Insider Trader boosting institutional holdings to 47%. As I pointed out yesterday, they were also counted by the underwriters in NETP's own SPO Prospectus - so the confusion was widespread. That mistake was discovered after a few months of it skewing the records and the records were retroactively adjusted. In view of this history, the new entry in Insider Trader showing Norwest once again holding in excess of 2 million shares - should be treated with suspicion. If it is not just a straight repetition of the original error, it does raise a question about whether Norwest has a new trust holding which, again, is being incorrectly interpreted as a beneficial holding. Furthermore, Insider Trader is presenting the previous two quarters as being in the 20% range rather than the 30% range. My guess is that, as it is collating incoming but partial returns for 2Q, Insider Trader - or its sources - is making errors. Perhaps it will settle down in a week or two.

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