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Non-Tech : Boston Market (BOSTQ) -- Ignore unavailable to you. Want to Upgrade?

To: IN_GOD_I_TRUST who wrote (1021)	3/14/1998 7:58:00 PM
From: Rational	Read Replies (2) \| Respond to of 1567

Beck and Nadhir bought 4M shares in 1998??? Inquiry9 (from Yahoo!) Mar 14 1998 7:51PM EST Vickers is monthly, I think the current one in the link is as of the end of February 1998. The fine print for SEC filings is that any institution/individual owning more than 5% of a company should report no later than the middle of February of the following year. Thus all the February filings pertain to the previous year. Also the filings require that all direct and indirect Trust ownership be reported. This means as of Dec 1996 (Feb 1997 filing), Beck had 9.5M and Nadhir 7.5M, a total of 17M directly and indirectly through the two trusts. Ownerships of the trusts are redundant since there are no other insiders in the trusts. As of Dec 1997, the holdings of the two individuals reduced to 2.7+4.9 = 7.6M. This means, they sold (mostly through the trusts) 17 - 7.6 = 10.4M shares during 1997. They have also dissolved the B.C. Midwest Trust and formed B.C. Midwest, Inc. as per Feb 1998 filing. The trick is that the B.C.Midwest is now a company chartered in Delaware. [Vickers erroneously still reports it as a trust.] While there are shareholders of a company (Beck and Nadhir), the company is a legal entity and is a citizen. The insiders are not required by SEC to report the indirect holdings of BOST through a company (B.C. Midwest Inc.) and this company can trade as an institution with the standard filing requirement by Feb following a year. Tradings through a trust must be reported every month because trustees are insiders. It is funny that SEC treats shareholders of a company differently from the trustees of a Trust. B.C. Midwest, Inc. has acquired 6.4M shares in 1998 and it seems Nadhir sold his holdings (2.7M) to this company. Since Beck's position (4.9M) has not changed from Dec 1997, (Beck+Nadhir+BCMidwest, Inc.) have bought a net of (4.9+0.3+6.4) - (2.7+4.9) = 4M shares. I am almost positive that Nadhir transferred his BOST holdings to B.C. Midwest, Inc. in exchange for shares of this company. If B.C. Midwest, Inc. is a privately held company (which seems right), we cannot get their balance sheet. In any case, the bottom line is that Beck+Nadhir have already bought a net 4M shares in 1998. This is my analysis (open to suggestions) and is not intended for investment advice.