E4L, Inc. (NYSE: ETV) Message Board

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Non-Tech : E4L, Inc. (NYSE: ETV)

ETV 13.90

+1.3%

Nov 21 4:00 PM EST

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To: John Arnopp who wrote (250)	9/27/1997 3:45:00 PM
From: Todd D. Wiener	of 1080

Options-related means that they might have been selling stock in order to raise enough cash to exercise their options. Generally, insiders will use their stock as collateral and exercise the options on margin. But sometimes they sell stock instead. If their selling is options-related, the report of selling is misleading, because the insiders may actually end up with more stock than they had a few months ago. Another possibility is that the insiders were already leveraged on NM stock, and when the stock moved lower, they received margin calls. One thing is certain: We won't see any insider buying or selling if NM is in serious negotiations to sell the company, because that would constitute trading on non-public info., which is quite illegal. Todd

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