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Gold/Mining/Energy : NAXOF, Tell me all THE SAINT

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To: mark silvers who wrote (115)	5/28/1998 4:58:00 PM
From: W.F. Schwertley	Read Replies (2) of 130

Mark, No one called back from NSAD about insider trading. I give up, and will be out of town for the next two weeks. FWIW, a person on the WAVX board (called Pure Folder) writes the following about insider trading. "As an aside, even though restrictions upon trading on inside information apply to both buying in advance of good news and selling in advance of bad news, enforcement measures are generally more vigorous in the latter situation. The SEC's resources are limited and private enforcement class actions suffer from the following dilemma: How do you establish the class of investors who would have bought at lower prices had certain positive news been made public earlier (as opposed to the class of shareholders stuck holding the bag when bad news is released late, and after the insiders get out)? Juries also have much less sympathy for plaintiffs who missed out on a profit than those who suffered a loss." Pure Folder makes it sound as if making insider information public is no problem unless one profits from buying or selling. Wish we had a definitive answer, but perhaps the fuzziness is just what the SEC is striving for. WFS

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