Going through the Yahoo insider sales data for LUMM, I added up some of the confirmed sales:
Mark P. Andrews $2,272,000 up to Sept 25, 2000
Molex $3,668,000 up to to April 30 2000
Denis N. Beaudry $11,813,000 up to Sept 8, 2000
I did not use any of the "Proposed Sale" amounts, which are the only amounts shown for some other insiders, who maybe did not actually sell or did not bother to confirm the sales.
What is interesting is the large "take" for Mr. Denis N. Beaudry - almost $12,000,000. Enough for a large fleet of Mercedes cars and whatever else he wants, no doubt.
From the Yahoo data it looks like he sold about 600,000 shares and had 889,300 left as of Sept. 8 2000.
Doing a search for information on LUMM director Denis N. Beaudry I found he is also involved with another OTC gem - BioSyntech - BYSI - which shows a declining stock chart. Mr. Beaudry's personal history can be seen here acst-ccst.gc.ca, he is one of the "Members of the Expert Panel on the Commercialization of University Research".
While the university research that went into LUMM is commercially worthless, and it is likely that public stock market investors in LUMM lost tens of millions of dollars, a few insiders like Denis N. Beaudry and Mark P. Andrews made out like bandits.
You people in Quebec and elsewhere who bought LUMM at high prices - these are some of the guys that sold it to you and have your money. |
