Actually, I am responding to messages 3277-3280.
Let me reintroduce myself one more time. I work in high tech in the Silicon Valley, so I know something of these issues.
1. They are limited to buying back up to 25% of their 30-day average volume via any one broker on any one day. However, they can buy individual blocks valued at $50,000 or more. So my guess is that Bill Meyer is sopping up the overhang with individual buys beyond the broker market. I doubt there is insider selling. I am personally delighted to see them sop up overhang below $8. It is going to make me stay on at least until I have to do my Christmas shopping. If no improvement by then, I may need the cash to buy my kids a sled!
2. Craig Slayter's selling is not insider selling. Craig left the company to become a CEO at a startup. My guess is that with Frodsham's promotion to COO, Slayter figured he'd be a CEO faster by going the startup route. Slayter is a good guy and will be missed, but these things happen in the Valley every day of the week. If Phoenix's stock option program works like most other companies in the Valley, he has 90 days to exercise after leaving the company before those options are cancelled. He must pay ordinary income tax (federal and state-and in CA that's 11.5%!) on the difference between his exercise price and sale price, so his selling is simply no big deal, and means zippo relative to his view of the company's future, and everything to do with his own personal liquidity position.
3. And yes, I listened to the last call. Kay clearly said there was no money in Y2K for PTEC. However, as an industry leader (PC Magazine voted them the 98th most influential technology company in the world of any kind of technology and they are in the Silicon Valley 150 for the first time), we can expect them to play a prominent role in marshalling resources against this problem for everyone's benefit.
Sincerely,
Robert |
