Mark, I thought you might find this interesting...
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OMAHA, NEBRASKA, May 17, 1999 - The following open letter to stockholders
was released today by James Q. Crowe, president and CEO of Level 3
Communications, Inc. (Nasdaq: LVLT):
Dear Level 3 Owner,
On May 19, I will begin a program of selling a total of about 9% of the
approximately 11.3 million shares of Level 3 common stock that I currently
own.
To that end, I have delivered one million of my Level 3 shares to a
trustee, with irrevocable instructions to sell 4000 shares on each of the
next 250 trading days until all of those shares are sold. The trustee will
have no authority to expand, limit, or suspend such daily sales, which must
be completed whether the stock price is higher or lower than it is today. I
will retain no right to alter those instructions.
I suppose it is unusual for a CEO to disclose in advance that he intends to
sell stock of the company which employs him. SEC regulations generally
require certain corporate executives (sometimes referred to as "insiders")
to provide notice after sales are made, not before. My reason for providing
you with this information in advance is straightforward. I believe you, as
owners of Level 3, are entitled to know whether the person you have hired
to run your business intends to sell any of his ownership interest. And, if
the answer is yes, you are entitled to know why.
I plan to sell this portion of my Level 3 shares to both repay debt which I
incurred when I purchased Level 3 shares in the fall of 1997 and to provide
some measure of financial diversification in my personal holdings. I think
that I owe it to my family to take this step. I believe this program of
limited, daily sales is a fair way to achieve a reasonable balance between
prudence and a clear and substantial continuing financial commitment to the
success of the company it is my privilege to lead.
I have chosen the mechanism of pre-established sales in predetermined
amounts to help reduce any concerns that I might be selling at times when I
have information that you don't have. I hope that by announcing my plans in
advance. I am making it clear that my decision isn't based on some positive
or negative current event or circumstance.
After this sales program has been completed, I expect that the value of my
retained Level 3 shares will continue to represent most of my personal
holdings and will reflect my continued confidence in the prospects of our
company.
Very truly yours,
James Q. Crowe
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Now that's what I call financially sound! Selling over $300,000 worth of stock each day for the next 250 trading days and still having over 10 million shares plus options and bonuses. The next Bill Gates. |
