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Non-Tech : Knight/Trimark Group, Inc. -- Ignore unavailable to you. Want to Upgrade?

To: Gary Korn who wrote (5042)	10/14/1999 2:51:00 AM
From: Herschel Rubin	Read Replies (2) \| Respond to of 10027

Gary, to add to your comments... An insider has to navigate a minefield in order to "safely" sell shares without being a victim of litigation. One CFO I spoke with several years ago lamented the fact that there are numerous hurdles to cross if an insider wants to cash in some shares: -inability to sell during lockup periods -inability to sell during quiet periods before earnings -inability to sell several hours/days after earnings -inability to sell during quiet periods before special announcements -inability to sell during quiet periods before acquisitions, etc. Therefore, in a convoluted sense, the only "safe" time for an insider to sell their own stock is subject to the above conditions with the caveat that INSIDERS reasonably anticipate their shares are either going to go GO UP or stay substantially IDLE in the forthcoming weeks/months following their sales. When KP sold his 300K shares (of about 8 Million total) on August 2, followed by others, there were two months left in the quarter. At that time, he justifiably may have believed Aug + Sept were going to be neutral at worst, or good months at best. There's no way to prove at that point that he had apriori knowledge about the future of the markets. KP warned back in March that he and others will continue to sell off percentages of their holdings on a regular basis for diversification purposes. Each time it happens it'll make share prices more affordable. Assuming the company is still fundamentally sound, why should you be able to bank on that? Because insiders at NITE have enough rational self-interest and common sense to avoid the distraction of a class action lawsuit.