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Technology Stocks : Qualcomm Incorporated (QCOM) -- Ignore unavailable to you. Want to Upgrade?

To: engineer who wrote (115548)	3/13/2002 10:05:13 PM
From: JohnG	Respond to of 152472

Kadisha Qualcomm Director Sells $105.5 Mln of Shares in Margin Call By Scott Lanman San Diego, March 13 (Bloomberg) -- Qualcomm Inc. director Neil Kadisha sold $105.5 million of Qualcomm shares last month, about a third of his stake, to meet a margin call, according to a regulatory filing. Kadisha sold 3.1 million shares at $31.73 to $40.27 apiece from Feb. 6 to Feb. 22, according to a filing received March 11 by the U.S. Securities and Exchange Commission. He owned 6.05 million shares at the end of the month, the filing said. The first sale came after shares of Qualcomm, which licenses patents for mobile phones used by 111 million people worldwide, had tumbled 54 percent in the preceding 12 months. A margin call occurs when an investor borrows money from a broker to buy shares; the broker may demand that the holder sell the shares to repay the loan when the price falls by a certain amount. Kadisha wasn't immediately available to comment because he was attending a funeral, said a woman who answered the phone in his office. Kadisha, chief executive of Omninet Capital LLC, a venture- capital firm, has been a Qualcomm director since 1988 and helped fund Qualcomm's first major product, the OmniTracs truck-tracking system. OmniTracs revenue funded the development of Qualcomm's code division multiple access mobile-phone standard and chips, which account for most revenue today. Qualcomm spokeswoman Christine Trimble said that ``as a matter of policy we don't comment on personal transactions of affiliates.'' According to the SEC filing, $10.5 million of the shares were in a trust held by Kadisha and his brother-in-law, Benjamin Nazarian. Nazarian is president of Beverly Hills, California-based Omninet, according to Omninet's Web site.