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To: Oeconomicus who wrote (1028)	12/17/1997 12:24:00 PM
From: Alomex	Read Replies (2) \| Respond to of 164684

I'm not an expert. All of these are AFAIK. I'd appreciate corrections if any of these are wrong. Is it correct that insiders must file when they buy a collar? I don't know what are the rules regarding trading of options, as it relates to a collar. I would think you cannot buy puts outside a collar, as this is just one form of shorting the stock and insiders cannot short stock. How long do they have to file? Huh? The sale occurs after the 144 and before the 4. I'm not aware of any wait periods. Precisely who would be precluded from trading right now as you suggest? Officers and Directors? The lockout period applies automatically to officers and directors, plus to any others with material information regarding quarterly performance (usually the whole accounting department, for example). Plus anybody with material information regarding earnings and company performance that is not in the public domain is also an insider. A salesperson can be precluded from selling, if (s)he just signed a $100 M deal that is not on the public record. This would apply outside the lockout period as well. How is the period determined? I understand is a SEC rule. Insiders can only trade between the release of the quarterly figures and the eight week of the quarter. This usually gives a trading window of four to six weeks