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To: brushwud who wrote (105765)	11/14/2003 8:14:05 AM
From: Bill Jackson	Respond to of 275872

brushwud, That was a generalization referring to the practice in many companies to award a lot of options to all levels of the company. Usually the higher up insiders have the larger sized option grants. These are usually richer people as well, so when I see small blocks of shares sold, I tend to see them as sales for obtaining cash and not harbingers of doom. That said, most of these small block people are not reporting as insiders to the SEC. Herb and Siegle are in executive positions and so must report all buys and sells, while Joe Lineman does not have that onus. That said, who better than Joe Lineman to see a line failure at the earliest moment, who sells, before the news works it's way up to head office. In effect the rules give little protection to the investors as only the biggies(large blockholders and executive insiders) need give advance notice of intent to sell. We only find out about the other sales a while later on, well after the fact, well after the fall. In this electronic age, with all shares held in depositories and numbered, it would be easy to label all employee sales as insider sales, and for that information to be reportable in real time as the trade takes place. Of course, who would like to be called to the office and asked why you sold 10,000 shares at 10 AM, perhaps a level of anonymity? Just a note that an employee sold shares, but no name provided, with those under insider obligations reporting their name later, as we do now, and being reported anonymously in real time. The real time release would allow all to see if many employees are selling....a true harbinger. Bill