As you wish,
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Author: RealityCheck -- Date:1998-10-17 11:55:55
Subject: Investors Guru/Musgrave
It looks like Cecil Musgrave had his memory jogged with respect to his insider trading
reports. (Perhaps the filings got lost in the mail, as reportedly happened with STS
president Rick Ilott last year.) In any event the 1997 trades so proudly announced on
the Investors Guru site finally showed up on the BCSC Insider Trading Reports last
week.
From December 1-15, 1997, Director Musgrave engaged in 8 transactions--a total of
18,500 shares purchased at .14. Of course, those transactions don't exactly constitute
'accumulation'. While the Guru was quite happy to announce his purchases on the IG
STS forum, he was rather silent on the matter of his sales. It seems Cecil sold 18,500
shares on August 27, 1997, at .30. Those transactions were also finally reported
October 9, 1998. Musgrave holds 54,000 shares.
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Reply
Author: RealityCheck -- Date:1998-10-17 15:01:07
Subject: Director Musgrave
Musgrave isn't the first insider to fail to file insider trading reports within 10 days
of the end of the month in which the transactions occurred. He isn't the first or
even the second STS insider to make late filings. He may hold the STS record
for the length of time it took him to get around to it, though.
Musgrave's holdings are insignificant and always have been. His paltry financial
stake in STS wouldn't make a difference one way or the other. Even if
Musgrave finally filed as the result of an inquiry from the BCSC, it isn't likely that
anything further will come of it. Perhaps they might ask the good Mr. Musgrave
to please not be so tardy in the future. That is about what one should expect
from knuckle-headed bureaucrats who can't see beyond their next coffee break.
The outrage here isn't simply late filing of insider trading reports. The outrage lies
in the fact that STS Director Cecil Musgrave, a.k.a. Investors Guru, was posting
to the Investors Guru STS forum claiming to have negotiated a special
commission rate with Green Line (denied by Green Line), suggesting price
manipulation, claiming it wouldn't take much to move the stock significantly
higher, claiming to be ready to purchase large blocks of shares, questioning
those who might be selling at such low levels, and leading people to believe that
he was actively supporting the stock in the market. If those insider trading
reports had been filed in a timely fashion as required, perhaps even those IG
stalwarts who hang on his every word and defend him as though he were
integrity personified might have seen him for what he is. |
