13G review:
It appears from reviewing the 13G filings that J&W Seligman left the stock around 2/28/98 as it reported 0.0% beneficial ownership in its filing on 3/18/98. BTW, they confirmed their holding of the previous position on 2/2/98. Therefore they sold in February, probably between $16 and $12. Looking at the chart it appears that that was the event that drove the stock to the $12 level near the end of February. So one watch dog is gone, and it explains the sell side supply that drove it down.
Pioneering Management Corp., reported in a 13G signed 1/30/98 it had a total of 4,445,000 shares or 9.29% of the outstanding shares. So it becomes the big dog now. No subsequent filings are currently available, implying there are not any.
Also, JP Morgan reported holding of 200,574, or .4% of o/s shares, within the last 3 months.
Insider or S-8:
Someone mentioned insider buying at $11.09375. That appears to be the S-8 for the employee and directors option plans. That price was based on the closing price on 5/7/98, and is an informational item in the prospectus to the employees and directors who receive that prospectus that is part of the S-8 registration statement to the SEC. All employee benefit plans of this type file an S-8 to update their prospectus information for plan participants. I used to do 3 of them per year of one of my past employers.
So no insider buying that I can find filed with the SEC. Sure would like to see some. Or that 2.8 qualification.
Waiting, Dennis |
