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To: SusieQ who wrote (6071)	8/3/1999 2:08:00 AM
From: Jim Bishop	Respond to of 150070

*QUESTION OF THE WEEK* EDGAR Online SECrets Newsletter 8/2/99 ---------------------------------------- QUESTION: What are blue sky regulations? ANSWER: When a company goes public, it must file a registration statement with the Securities and Exchange Commission, which regulates the federal securities laws. Also, each state has its own set of regulations - known as "blue sky laws." Thus, before a company can sell stock in particular state, the securities must be "blue skied." The origin of the phrase comes from the late 1800s, when a judge compared an IPO to the value of a section of the blue sky. ---------------------------------------- *ON THE INSIDE* ---------------------------------------- This week, The Wall Street Journal published this year's biggest insider sellers. Of course, by having access to EDGAR-Online, you would have known about this all along. I guess it is no surprise that the biggest seller is Bill Gates, the CEO and co-founder of Microsoft. Being the richest person in the world means that selling a small percentage of stock is still a big event. This year, Bill sold 30 million shares, for about $2.5 billion. Putting this in perspective, he still has 982 million shares left. What's more, according to a story in the Sunday Times in London, Bill in tends to give away $100 billion of his wealth to charity. The other co-founder of Microsoft, Paul Allen, also was a big seller. He was #4 on the list, selling 4 million shares for $297 million. He has 273 million shares left. The #3 person was Philip Anschutz, who has amassed a huge fortune with his company Qwest. He sold 33 million shares for $1.5 billion. He has 297 million shares left. Michael Dell, the founder of Dell Computer, was #4. He sold 17 million shares for $681 million. He has 357 million shares left. How do you learn about such sales? According to SEC regulations, all corporate insiders must file a Form 144 when selling stock in their company. An "insider" is defined as an officer, director or person or entity that owns 10% or more of any class of the company's shares. The reason for the Form 144 regulation is that insiders are considered to have an unfair advantage - since they are closely aligned with the company - so the SEC wants full disclosure. You can also find insider selling information in the Form 4. For more information, read the Form 144 and Form S-4 filings for: Bill Gates: edgar-online.com Paul Allen: edgar-online.com Michael Dell: edgar-online.com Philip Anschutz edgar-online.com