Bryan,
I've now read it over & over. IMHO it says at the end if the month of November, they owned a total of 4.1MM shrs. If you go to:
edgar-online.com
In that Notice of Annual Meeting, they disclose that Franklin owned 4,506,000 Shrs. By definition any person or firm owning more than 10% is considered an insider. As such, they must file form 3,4,5 to notify the SEC of any sale of stock. They filed that form 3 on November 10, 1997. Apparantly, they sold 500,000 shares because in your linked page, at the end of the reporting month (Nov 30), they then only owned 4.1MM shrs. Looks like now they are no longer considered insiders in the eyes of the law and can sell the rest without notifying any one. How many shares in excess of the normal float haave been sold in the last 13 days? Who knows if they sold the other 4MM shares? I would have if it were me. Could their sale of 4MM been the cause of the recent <$1 drop? We wont know until the next Notice of Annual Meeting. My question now is Why is Zacks saying the Co. is 34% owned by institutions? May you live in interesting times.
Bruce |
