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Strategies & Market Trends : The Round Table: A work by the squares of the SNDK thread.

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To: Ausdauer who wrote (58)	3/17/1999 8:53:00 AM
From: Mike Ankley	Read Replies (1) of 194

The information that I received from the company regarding Wallace Sapp is that when Southern Communications was bought by International Fibercom, Mr. Sapp wanted cash for the deal, but received stock instead. He is nearly 80 years old. He has been advised financially to diversify his portfolio, so when restrictions were lifted on the IFCI stock he received from the Southern sale, he was upfront and said that he would be selling every month at basically whatever price he could get until he reached his desired core holding. So that he is selling is not indicative that insiders are worried and liquidating. Mr. Sapp is simply following the advice he had been given. In fact, there have been no insiders selling other than Sapp. This would seem key as the ones (Kealy, etc) that really know what is happening with the company are holding tight. In fact, they have mentioned that there have been outside offers to sell the Fibercom, however the company isn't anywhere near where Kealy wants to build it yet (nor the associated share price) so all offers have been rejected. One more thing regarding Sapp. I received the above information from the IFCI IR in January. At the time they indicated that Sapp had sold all that he was intending to sell by the end of December. So he took his holdings down from about 2M shares down to a few hundred thousand to diversify it elsewhere. Even if he is not yet done selling, he doesn't have that many shares left, so the next time he decides to sell would likely be his last. All indications are that this is true. I have not been able to find any more filings from Sapp to sell since December. Which indicates that IR has been truthful and that Sapp is done diversifying. This should be good for any future rises in share price as they will not be met by Sapp's resistance - if you look at the timing of his sales, he always was smart and sold into any rise. Cheers Mike

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