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To: Joseph Silent who wrote (3234)	8/6/1999 4:49:00 PM
From: Testy_Coles	Read Replies (1) \| Respond to of 10027

I was wondering the same. Anyone know if there IS a date? Seemed to me that FBCO and others backed off as the price closed in on $36. IMO, it appears that that may be the number, whoever is selling, will sell down to (standard overall market disclaimers). Maybe I'm looking at this wrong.

To: Joseph Silent who wrote (3234)	8/7/1999 6:10:00 PM
From: Herschel Rubin	Respond to of 10027

<<<You seem to suggest that one reason we are at this price is because of lockup expiry. This makes sense to me. But is there a date by which the "inner circle" must stop selling? I was under the impression that lockup-expiry meant that folks who were previously prevented from selling can now sell. Anytime. Is there a time limit? >>> Joseph, I composed a lengthy response and thought I posted it late last night, but it isn't here, so I'll repost similar thoughts... No, there is no time limit for insider selling once the lockup expiration has occurred, however, there are restrictions as to the TIMING of selling from here going forward. For one thing, there are blackout periods before earnings in which insiders cannot sell. And many companies self-impose restrictions on insider selling immediately after earnings are announced. Finally, there is a certain amount of discretion that insiders must use when selling so as to avoid the appearance of impropriety when they sell. Considering the proliferation of shareholder lawsuits, insiders are PETRIFIED to sell before bad news announcements. So, in a convoluted sense, an insider sale at this point can be a positive indicator because the insider knows that he can safely sell stock without fear of a shareholder lawsuit accusing him of "dumping before bad news." In other words, the insider sale by a high visibility executive, (in this case, Pasternak) is essentially a clue that they DO NOT have plans to announce bad news in the near future! I posted this earlier that Pasternak did the right thing from a shareholder liability standpoint by FIRST disclosing some negative news that "trade volume growth may slow to 5-10% quarterly", AND THEN registering to sell 300K shares. ---- Those insiders who currently hold "unregistered shares" must "register" them for sale with the SEC Form 144. So we first see F-144 registrations as a clue to their intent to sell, but often insiders file the F-144 and sell the same day. Unfortunately, there is a time lag between the ACTUAL filing and when the filing hits the newswires from Federal Filings reports. So the trading public often finds out about the filings and sales a few days late. I think this info should be available real-time. You can often trace an inexplicable drop in a stock price to the ACTUAL date of the filing, meaning some traders "in the know" caught wind of the filings first and made trades accordingly based on that knowledge. Happens all the time and it sucks.