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Technology Stocks : Corel Corp. -- Ignore unavailable to you. Want to Upgrade?

To: Wizzer who wrote (4908)	3/5/1998 10:04:00 AM
From: A. Reader	Respond to of 9798

Great Letter Wisam. Thanks. I for one appreciate the work that must have taken. Appreciate your participation here too.

To: Wizzer who wrote (4908)	3/9/1998 2:58:00 PM
From: Alomex	Read Replies (1) \| Respond to of 9798

COMPLAINT LETTER TO OSC: Thanks Wisam. This is the edited version of your letter that I just sent, via regular mail: Complaints/Suite 800/Box 55/20 Queen St. West Toronto, Ontario/(416)597-0681 To Whom It May Concern, This is a formal letter of complaint to address the unfair nature of Insider Trading Laws. It is my understanding that insider trading law indicates that trades by insiders should be declared in a "timely fashion". Traditionally, "timely fashion" has been understood to mean "within 30 days of the trade". It is clear to me that, in this day and age, 30 days stretches the definition of "timely fashion", to the detriment of external investors unaware of the inner financial condition of a company. Thus, the insider trading law as it stands, protects the actions of insiders and entirely neglects the obligation that the OSC has to protect ALL investors. The law should give a specific and reasonable time frame for trades to be declared, such as 5 business days from the beginning of the initiation of the trade. The appropriate document could be sent to the OSC and the Stock Exchange by mail, fax or a phone call. In fact, current technology, such as "electronic tag trading" allows for instant trade reporting. Any of these options would allow a more timely disclosure, as well as benefit all market investors by preventing lawsuits and general investor unrest. This preoccupation is far from academic. In fact, last summer Corel Corporation insiders, such as Michael Cowpland, declared their trading activity 30 days after selling shares on an unsuspecting market using information that in all likelihood, they were privy to. This was at the same time that statements made by the CEO indicated that the company's situation was improving, and they would have a successful quarter. These statements created a strong market that helped Mr. Cowpland and other Corel Corp. executives sell their shares at higher prices. In fact, the insider trading law, as it stands, ensured that the insiders would be able to trade large amount of shares, without other investors being alerted to. In this case, it created a situation in which investors purchased over-valued shares in a company that, unknown to them, was struggling with huge losses and future write-offs as it was conveniently anticipated by Corel executives stock sales. The insider trading actions have led to class action law suits and numerous complaints in the past. It is time to change these laws to protect and preserve fair trading conditions for all investors, as it is your fiduciary duty, instead of allowing some insiders to profit from information unduly delayed from the public. I am looking forward to your detailed response in regards to this matter, and what action you are willing to take to correct this problem. Sincerely,