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Molycorp, Inc. Message Board

  • oldanwisa oldanwisa Feb 11, 2013 10:00 AM Flag

    Slow hissing sound can be heard as air leaks out?

    Appears that the guys ( CEO, MS, JPM ) who bought a bunch at $6 are slowly liquidating starting at $8 a week ago-- a nice 25% return for a couple of weeks of work; wouldn't u say ?

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    • They are not allowed to do so under Section 16(b). They have to wait six months.

    • Who knows who is selling. People selling for profits is certainly a possibility. More likely the market is waiting to get past the earnings report which is sure to be dismal. There has been nothing but bad news for several weeks.

      I don't think you are correct about there being a pool of people who got $6 share. Most of the new shares were sold to the market at the $8 price on January 25th. Some were sold in blocks, but those probably are locked. Molymet, for example, bought a large block, but their CEO sits on the Molycorp board ... They would be prevented from selling by the insider trading rules that prevent insiders from trading within the 30 day window of materially important news ... such as a quarterly/annual report.

      Investors want to see the annual report and hear the plan. We all know the plan is revised, and we need to know the timeline to fix the problems that are being laid out. How does the company move from incomplete facilities to complete? How does the company move from a terrible quarter with high cash costs to lower cash costs? And how quickly? What is going on with the customers? Why/when are the sales not locked in, and what were the price floor/ceiling arrangements again?

      I don't think you have to build a conspiracy theory. Just look at all the bad news released, and at the questions raised.

      • 2 Replies to votingmachine
      • "I don't think you are correct about there being a pool of people who got $6 share. Most of the new shares were sold to the market at the $8 price on January 25th."

        Not correct. By law, the shares must be sold at the agreed offering price 6.00 to those allocated shares. Now what those people or institutions then did or are allowed to do is another issue. But they did get the shares at 6.00

      • Actually, VM, wouldn't it be a full six months under Rule 16(b), as applicable to officers and directors? Or would a purchase by the corporate person of Molymet be distinguished from personal purchases by an officer or director? My understanding is that, to prevent the unfair use of information that may have been obtained by a more than-10% beneficial owner, director, or officer by reason of his relationship to the issuer, a corporation can recover any profit realized by such a person from a purchase and sale (or sale and purchase), within less than six months, of equity securities of a corporation that has a class of equity securities registered under section 12.

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