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Technology Stocks : Qwest Communications (Q) (formerly QWST) -- Ignore unavailable to you. Want to Upgrade?

To: David Perfette who wrote (4317)	6/23/1999 12:05:00 PM
From: Harry J.	Read Replies (2) \| Respond to of 6846

I keep seeing that J.Nacchio "sold $50mill in stock" recently. I just spent a few minutes browsing SEC's Edgar database and must have missed it (but admit I didn't read everything, just looked at title pages for stock issuances). Anybody have a site or cite? I'd like to know whether the apparent "sale" was actually an options issuance in which the company buys back half the options from the insiders at the market price of the shares and then the insiders use the proceeds to pay for the stock received from the exercise of the other half of the options. This device was invented years ago to allow an insider to exercise expiring options and to pay for the resulting stock without borrowing money or using his or her "own" money, but I don't know if it can still be done. If it can, and if Mr. Nacchio did use it, then the "sale" probably was nothing more than a means of keeping from losing the value of the options rather than a bailing out. Anybody have the facts on this? Regards, Harry

To: David Perfette who wrote (4317)	6/23/1999 3:41:00 PM
From: Gary Mohilner	Respond to of 6846

He received most of that as options he exercised and sold as I understand it. That's a pretty common practice. He still holds a lot of stock. I think he is still very well respected in the industry. He was a visionary at AT&T, they didn't follow his vision, now they're catching up. Wired stated that Qwest will have more broadband capability then AT&T, World Com and Sprint put together, with the completion of their installation, which should be announced any day. With the circuit complete, I think he knows what's needed to put it to use. Gary