thanks Jay, "Insider Buying" should be added to the list...
the fall in the stock price last year is well documented, but what grabs my attention is the issuance of new stock options to the Officers on November 6, 2000...the key here is obviously the strike price, which, without further ado, is the lofty price of $2 5/8. IMO, if the intent of the Bd of Dir was to keep their executives after the free-fall in the stock price, they must've felt pretty comfortable that $2 5/8 was at or near the bottom. Equally noteworthy is that these options become exercisable in 36 equal monthly increments beginning one month after the grant, subject to
continued employment on each of such vesting
dates.
check out the SEC Form: 4's filed on 1/24/2001
this is just a summary:
James Cragg: options to purchase 322,704 shares at $2 5/8
Kathleen B. Horne: options to purchase 343,656 shares at $2 5/8
Harry Hobbs: options to purchase 481,356 shares at $2 5/8
Lawrence E. Hyatt: options to purchase 150,012 shares at $2 5/8
Lota Zoth: options to purchase 48,780 shares at $2 5/8
Roderick Lyman: options to purchase 48,888 shares at $2 5/8 - Rod also purchased 5000 shares on the open mkt at $1 3/8 on Nov. 20th
and the link:
freeedgar.com
Here's why I think these filings speak volumes:
Form 4's must be filed with the SEC by the 10th of the month following the trade. Although most insiders file their forms on time, late filings do occasionally occur. Therefore, I don't know whether these filings were timely made or not, but the bottom line, if these filings are accurate, is that these Insiders have been buying stock through the exercise of their options at $2 5/8. |
