Howdy,
I think you skipped past the "..rest of the story.." there, Herb.
The MM holds a bunch of shares in his desk drawer(+/-). Apparently, he has to register these blocks of "considered-to-be-insider" shares in separate shoe boxes(+/-); which are given names (..real or imaginary I'm not exactly sure..) like "A.V.V. Vanity".
If the MM wants to free up a block of these shares for trading, he has to file a Form-144 with the SEC explaining that. Please refer to the current newswire article. This activity makes it "..LOOK.." like an real "insider-person" is getting ready to sell - but that is NOT what is happening here. What the MM has done is simply "open" the shoe box, so he can reach in and grab some shares to sell, if-&-when he needs to.
The general stock news media has a feeding frenzy over Form-144 filings - so it hits the wires immediately; and certainly gets everybody's attention.
Regarding the $0.23(+/-) price that was mentioned, I'd hazard a >>GUESS<< that since the SEC is involved - he may be locked into that number before he can trade those shares.
I called my broker at 5:00EST, who needed to ask an actual "Trader" - but those guys leave after the closing Bell. I will verify/refute my >>GUESS<< tomorrow morning; unless someone who knows the Form-144 rules posts them for us tonight.
Not to worry...! The Form-144 was a "..good thing..", and we may see some more of them before the 29th..!
All's well in Mudville, Herb..! :-) Malc and I are still buying, old Bean. And, Mark McGwire is coming up to bat..!
Regards,
John :-)
ps: You learn something new everyday, aye..!?! (Presuming you're not a braindead AINNONite, tee hee hee) |
