T.M.K., other FNTNers, and et al:
I find the message concerning your conversation very interesting. For myself, the most interesting part deals with the issue of the planned sale of stock (Form 144). According to T.M.K.'s post, Maura said the following:
"? Filing for the 144 and if they sold any shares ?.. MM "all insiders have the option to sell 1% of their shares every quarter, which even if they did exercise, should not mean anything to us investors". They have expenses like all of us."
With this in mind, and making the following assumptions:
Assumption #1: Quarters end on the following dates: March 31, June 30, September 30, and December 31
Also, from Yahoo Financial Page, "insider", the maximum number of shares reported as a Planned 144 sales in a single quarter by management is: (see assumption #1)
Michael Sheppard 160,000 shares
Maura Marx 160,000 shares
Michael J. Daniels 37,500 shares
Assumption #2: Each quarter, each person in management is allowed to sell 1% of their total shares of FNTN stock. (source: post from T.M.K.)
Using the following formula - someone please correct me if I'm wrong:
Total shares owned = 1% of Max. 144 filing in a single quarter
Where Total Owned = X, and Maximum Sales per Quarter = Y
Therefore, solving for X, X=Y/.01
Approximate total number of shares owned by an individual equals maximum number of shares reported in a single quarter as a Planned 144 sales. If this is true, the following would also be true:
Michael Sheppard 160,000 shares divided by 1% equals 16,000,000 shares
Maura Marx 160,000 shares divided by 1% equals 16,000,000 shares
Michael J. Daniels 37,500 shares divided by 1% equals 3,750,000 shares
Either there is one hell of a lot of stock that was been unaccounted for, or something in the above reporting and math is wrong!!!
Someone please tell me I'm wrong and correct me!
........-jp |
