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Biotech / Medical : WebMD Health Corp

WBMD 66.48

0.0%

Sep 18 5:00 PM EST

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To: bob zagorin who wrote (14)	8/7/2000 10:32:47 PM
From: Sr K	of 326

I don't buy the explanation. SEC law is mostly about proper and timely disclosure, consistent behavior, and regarding insider purchases and sales, there are provisions for disgorgement of short-term trading profits by 5%+ holders (if he buys and doesn't sell for 6 months, there is an escape hatch). He asked for board approval which supposedly he needed to obtain an exemption from the usual restrictions of "windows". Now they don't even mention it. If he had bought every 2 or 3 weeks, perhaps following the timing rules for corporate buybacks (not in the last half hour of the day and in proportion to the average trading volume), he could be buying all along. Especially, if the material non-public information is negative. If he keeps waiting, the remaining $191,000,000 could be enough shares that he needs to file disclosure documents and make a formal tender offer.

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