Gerald Epstein is (was?) Financial Director of the English subsidiary,
and David Steene is (was?) Managing Director of the English
subsidiary.
Each man's Form 4 shows the following sales:
10/14/97: 92,500 shares @ $8.90
10/15/97: 15,000 shares @ $9.00
10/16/97: 105,000 shares @ $6.26
10/17/97: 30,000 shares @ $6.00
10/17/97: 7,500 shares @ $5.94
10/20/97: 100,000 shares @ $5.92
10/21/97: 10,000 shares @ $4.50
10/21/97: 5,000 shares @ $4.38
10/21/97: 20,000 shares @ $4.25
10/21/97: 20,000 shares @ $4.03
10/21/97: 25,000 shares @ $4.00
10/21/97: 50,000 shares @ $3.94
10/21/97: 20,000 shares @ $3.75
10/21/97: 30,000 shares @ $3.50
10/22/97: 50,000 shares @ $2.88
10/22/97: 37,500 shares @ $2.75
10/22/97: 87,500 shares @ $2.75
10/23/97: 195,000 shares @ $2.50
10/24/97: 50,000 shares @ $2.61
Epstein was shown with 2,200 shares remaining, while Steene was shown
with 0 shares remaining. Each man had an option to buy 16,000 shares
@ 13 1/4, expiring 6/1/05.
Can someone explain the Merrill Lynch tie-in? Were these shares
purchased on margin, and margin calls forced them to sell? It seems
strange that each man had virtually the same positions, and that they
were forced out at identical prices.
If my math is correct, these sales amount to 950,000 shares each. I
thought that they only filed to sell 250,000 shares? |
