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  • acricketeer acricketeer Feb 28, 2003 2:43 PM Flag

    Six Figure Buys By Insiders R Important

    This wasn't a piddly little show-me buy, but pony up the buck buy.
    Aside from the drama over the past few days, there are some substantive merits to all of the longs from these large insider buys.
    Buying the stock pickles the arbs, who are long the bonds, but shorting the stock. Eventually they will have to unwind their shorts -- perhaps it's better sooner than to wait until the LYONS are paid and play ELN unhedged.
    Second, the company may be restricted from buying back shares while they're buying back the bonds. But independent directors can buy the stock for their own accounts. In effect, they are not only retiring stock from circulation (since they aren't allowed to swing trade for at least six months by SEC rules), but they are changing the momentum of the stock's trading pattern.

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