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Non-Tech : Finova ( FNV) - How low will it go -- Ignore unavailable to you. Want to Upgrade?

To: Kramer who wrote (19)	5/18/2000 12:50:00 PM
From: Wowzer	Read Replies (1) \| Respond to of 82

Insiders are buying: Insiders investing in Finova Bought 40,000 shares in April By Dawn Gilbertson The Arizona Republic May 18, 2000 For the second time since Finova Group's stock crashed, executives and board members have bought the stock. Insider buying is usually viewed as a bullish signal, a vote of confidence in a company's future, but it also can be a public relations ploy in times of trouble. In Finova's case, the buying has been widespread and fairly significant. Five officials of the Scottsdale-based commercial finance company bought a total of 40,000 shares last month, investing about $600,000, according to the Washington Service, which tracks insider buying and selling. April trades were just released by securities regulators. The purchase prices ranged from $13 to $16.94. Finova's stock was around $30 a share before the finance company's double whammy in late March: the write-off of a $70 million loan and the sudden departure of longtime CEO Sam Eichenfield. Shortly after the announcement, five officials, including new Chairman John Teets, bought a total of 34,300 shares, paying between $16.88 and $20.69 per share. The big buyers this round were board members James Johnson and Robert Clark, who bought 20,000 and 10,000 shares, respectively. CEO Matt Breyne bought 5,000 shares. Taken together, it's the largest cluster of insider buying in the company's history, according to insiderscores.com, a Scottsdale company that tracks insider activity. Teets, who bought 3,000 shares this round, for a total of 5,000, said last week that he's buying because "we're tremendously undervalued." He said he'd like to buy more, especially after the stock plunged to an all-time low of $8 last week after some banks decided not to renew $500 million in credit. However, Finova is forbidding any insider activity while the company is considering a sale or other options to improve its finances and boost its stock price. Last week, the company said it has retained the Credit Suisse First Boston investment bank to review "strategic alternatives." On Friday, a day after meeting with Credit Suisse officials, the company said there has been a significant level of interest from outsiders. Finova's stock closed Wednesday at $11, down 19 cents.