I just discovered this thread. Been buying SLV for almost a year, averaging in from $3 all the way down to 1/2. I live in Tulsa, so the local press on SLV and it's President/Chairman a year ago, Lawrence Field, caught my interest. In a Tulsa World feature article on SLV, Field spun lots of hype and made some irresponsible suggestions about positive earnings coming soon, only to disappoint Q after Q. Upon further research, a tangled web of a financial mess became obvious whereby Field had been financing massive losses out of his own deep pockets for years. SLV was such a disaster that had it been forced to rely on conventional financing, it most likely would have sunk. The massive insider buying has always been Field. In a phone conversation this spring he admitted to paying full price for huge blocks of shares (not exercising warrants or options), but I guess he forgot to tell me that he was buying the shares to implement a creative convertible debt offering, one that eventually diluted the stock so severely last summer that SLV admitted it singlehandedly drove the largest drop in the stock over 1997. SLV's financial situation is complicated beyond my understanding, but Field has personally guaranteed a substantial portion of SLV's debt. He's definitely got his money where his mouth is, however, there has been no indication in the history of SLV that there is any positive correlation between Field's ownership position and good management.
In my opinion, Field lost all credibility when he sacrificed his objectivity "hyping" SLV to the press. However, I held the stock through thick and thin, and actually continued to buy after the announcement of the hiring of Tim Bruer, President/CEO. I am hopeful that the turning point in SLV's destiny was when Field stepped down as Pres/CEO. Apparently, Bruer has a solid track record with turnarounds. Check out this post from a peer of his; messages.yahoo.com@m2.yahoo.com
Bottom line, I wouldn't read too much into insider buying. It may not be what it appears. However, in my opinion, the success or failure of SLV lies entirely in the hands of Mr. Bruer. If SLV is a $5 stock in the next couple years, he'll deserve all the credit. If SLV goes belly up, my guess is that Bruer just got to the scene too late and you can hang that responsibility on Mr. Field.
If you get a chance, pick up some Nonni's Biscotti at an upscale grocery. It's an excellent product with stunning packaging, and an SLV flagship.
Still long on SLV!
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