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Technology Stocks : Corel Corp.
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To: micromike who wrote (4891)3/3/1998 1:22:00 AM
From: Wizzer  Read Replies (1) of 9798
 
Hi Mike, I feel that we can do something about this unacceptable position as investors in any company . Everybody who reads this should write a letter of complaint to the Ontario Securities Commission (as well as other securities commissions) indicating that we object to the fact that insiders can inform us of trades 30 days after they've completed them. The OSC must reply to all complaints. The OSC regulation indicates that insider trading information must be filed in a timely manner and I don't believe 30 days is timely. My reasoning is that had there been a 5-7 business day release of the insider trade then Michael Cowpland and his executives would not have been able to get away with selling millions of shares without anyone noticing. Effectively it would show up as a large volume of trades in a short period and investors would know something is happening. The risk to the insider becomes that he/she cannot sell as many shares in that time period because it would upset their market for selling. They would be unable to unload shares slowly. In the example of Corel, if we had known in 5 days that Michael Cowpland had unloaded 20 million worth of shares, then the stock would have gone down before the 3rd quarter results were released. He and other executives would never have done that in such quantity. IF WE CONTINUE TO ACCEPT A LOWER STANDARD FOR INDIVIDUAL INVESTORS THEN THE STANDARD WILL ONLY GET LOWER. This way insiders will have a vested interest in maintaining their fiduciary responsibilities instead of neglecting them and making money off of others misery. If the OSC is flooded with thousands of letters of complaint, then they will do something!! We can change their regulations if we work together.
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