If you look like a child and act like a child then you're a child.
Subject: Insider Trading
Date: Wed, Nov 19, 1997 13:13 EST
From: SMKCPA
Message-id: <19971119181301.NAA14129@ladder02.news.aol.com>
Before the shorts start posting a negative spin, I would like to alert everyone to the following:
Jack King has just sold 60,000 shares of Zitel (11/18/97). Before anyone accuses me of having inside information, this comes from an EDGAR filing which is public information.
A phone call to Zitel's investor relations at 510-440-9600 resulted in the following explanation:
"Mr. King exercised his expiring "non-qualified" stock options. He then sold 60,000 shares of Zitel stock to raise the funds required to pay the tax obligation on the options exercised."
Since he sold the stock yesterday, he received somewhere in the neighborhood of $780,000.
Since that was the tax bill on the exercise of his options, he obviously bought a large number of shares.
The fact that Mr. King exercised his options is, IMHO, a very bullish signal.
Steven M. Kaplan, CPA, P.C. (SMKCPA)
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