The trading by Charles Edwards is of particular concern. This person is listed as both a "director" and an "affiliate" in the various trades listed in the link in Darren's original post.
stocksmart.com
In fact he made trades under both descriptions on July 29, only a few days after RGFX announced its earnings. He also sold 60,360 shares 8/4. These shares represented a significant portion of the trading in RGFX on those days. He did not profit inordinately by any earnings spurt because, except within a two day period, there wasn't one. However, he has sold 255,720 shares (so far reported).
This is Mr. Edwards:
Mr. Edwards has served as a director of the Company since August 1995. In 1989, he founded Onyx where he continues to serve as President. From 1987 to 1989, he served as Product Marketing Manager for Logic Automation, an electronic design automation software company. From 1985 to 1987, he was a partner of ALS, Inc., where he developed software design tools for GE Semiconductor. Prior to
1985, Mr. Edwards was an engineer at Intel Corporation.
RGFX acquired ONYX for 443,360 share of "convertible preferred" stock. plus "other considerations." I don't find a specific listing in Edgar for the convertible stock. However, Edwards is apparently the #2 person in the company and he is reported to have (or have had) 82,860 shares of beneficially owned stock and apparently 151,476 in-the-money options.
edgar-online.com
I would certainly want to see Mr. Edwards asked the question at the next stockholder's meeting of why he is selling so much RGFX stock and whether he plans to continue liquidating his holdings at a price below that of the IPO (IPO price was $8.00, which, IMO, is apparently part of the reason why the stock has languished near that price for six months, meaning HEAVY resistance to moving above $8.000 due to original investors starting to take profits). |
