Paracelsian Inc (PRLN) Message Board

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Biotech / Medical : Paracelsian Inc (PRLN)

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To: John H. Farro who wrote (3183)	8/28/1997 2:41:00 AM
From: Harold Stone	of 4342

Robin, Don't want to elaborate on your very comprehensive post but would like to offer a slightly different approach to the selling of shares issue. Perhaps I will become a "Devils Advocate". Can anyone on this thread tell me when they last heard a bonifide insider freely admit or offer publically that they were selling their companies stock? It's late and I'm tired but I can't think of any. When it finally does become public knowledge it's usually passed off as "personal financial reasons" for selling or some other innocuous excuse. The SB conference was for a specific purpose and all the companies that attended were guests. This was a great opportunity for all the presenters to tell the analysts the best about their technology and companies. John Babish started selling before the SB Conference and continued well after. He was not at the conference to push the stock. His first responsibility was to make the best presentation possible for the benefit of the company (and therefore the stockholders). If he hadn't he would have been derelict as an officer and director. We've established that it was known that he was selling shares two days prior to the meeting. If a small stock broker knew, I am ready to believe that SB and Travelers both knew. How many others at the conference knew I have no idea. Both these very large investors had the opportunity to ask John Babish why he was selling. They apparently did not. I would assume they considered it not that important or unusual and was something that happened in all corporations at one time or another. John Babish had to do two things. Notify the company of his selling and report to the SEC. It appears he did both. I don't believe he had any other obligation. If he had said something voluntarily at the conference that he sold stock it would have perhaps diverted attention from the presentation and might also be construed as an attempt to push the price of the stock down. IMO he could have done far more harm than good. Having said all that let me clarify that I am not an apologist for John Babish. If the decision to sell was his alone then he made a very poor decision. If he was advised to sell then he received very poor advice. What ever he has done that has been counter productive and detrimental to the company he should be held responsible for. As I write this I have an awareness of the advantage of hind sight, something none of the officers and directors had. Would they have done anything different? Enough for now. Good night. Harold

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