Mary: That's an excellent question; I need clarification myself. In the Vickers report there are 5 categories (with Vickers definitions):
1. Non open market buy/sell (gifts, dividends, 401K, IRA, private buy and sells)
2. Direct (shares directly held by filer)
3. Indirect (shares held by a family member, ESOP, trustee, or general partner)
4. Private buy/sell (security issuing more shares and offering it to insiders or insider selling stock back to issuer)
5. Combination (combined direct and indirect holdings).
For each transaction one of these tags is applied so I'm assuming the categories refer to the nature of the transaction and not the nature of the shares held. But, to address your question, I don't know how these categories relate to open market trading: my interpretation is that 2 and 5 could include open market trades and the rest do not. Again, I know little about this and would really appreciate some help. BTW, of the 16 trades on 4/14/97, 14 were of the #3 type, 2 of #2. The imbalance towards family/non-open market type 'trades' is what piqued my suspicions.
Best wishes,
Peter |
