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Gold/Mining/Energy : KOB.TO - East Lost Hills & GSJB joint venture
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To: grayhairs who wrote (11993)9/25/2000 10:19:14 AM
From: que seria  Read Replies (1) of 15703
 
grayhairs/dad: I'd partly reconcile your different POV by
suggesting that, within very broad limits, it is up to the company what is material information, BUT the company ought to be subject to regulatory/legal action if it gives the analyst "community" or others information while saying there's no need for contemporaneous disclosure to shareholders because it isn't "material." It's the 21st century, folks. Electronic press releases are easy.

I'm largely with grayhairs on these issues, but I see no reasoned justification for a company being permitted to privately disseminate information to certain investors (or analysts as proxies for investors) while saying that same information isn't "material" enough to go directly to the (retail) public. They shouldn't be able to have it both ways.

I know disclosure issues arise in far more complex situations, such as needed disclosure to bankers for financing, to possible buyers, to JV partners, etc. However, that it can be hard to draw the line doesn't doesn't diminish the very obvious simplicity of drawing the line regarding even-handed disclosure to retail investors and brokers/financial houses, outside the context of a financing.

I don't like our nanny state, but this is one area where simple justice should yield only one right answer, except for people whose success or income is built on trading upon insider knowledge.
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