Gonebroke, the 2.7 million shares was NOT insider buying. However, the "restricted stock units" ( representing 2.7 million shares that vest ratably on a quarterly basis over the next three years) was issued to those officers that had contracts dating back to the pre-public days that would have given them the "right" to direct participation in any merger, buyout or asset sale. That "right" was given-up upon receipt of the issued shares. Kapeesh!
too bad the executives were GIVEN shares at NO COST. If they were bought in the open market I would be more excited.
From the FORM 4 on June 18th -
In 2005, in connection with a restructuring of internal programs and to retain and motivate executives, Athersys entered into incentive agreements that provided the executives financial participation in the event of certain merger or acquisition or asset sale transactions.The agreements were established prior to the common stock being publicly traded, had precluded the granting of routine equity awards to
officers, and provided a bonus based on a fixed percentage of a transaction. In April 2013, the Board
approved arrangements whereby the officers agreed to terminate their incentive agreements in return for one-time grants of restricted stock units for their past service and performance, and for the ability to receive routine annual grants of equity-based awards to better align management incentives with corporate objectives. In June 2013, the RSUs were granted to the officers in exchange for the termination of their incentive agreements