Let's be specific here though - no insiders buy shares period, they shower themselves with free shares. Since March 2010, no "insiders" have purchased shares, only Douglas. He purchased almost monthly from March 2010 at $26.11 all the way up to $37.54 in November 2010, and then all the way down to $14.27 in April 2011. He did not purchase any shares until late September 2011 when it was then $4.36.
Douglas is throwing good money after bad averaging down. He has enough big wins that he can afford the lots of the stock at the current cheap price even with the paper loss he's currently looking at.
If the real insiders aren't buying, I'm not either. Let them take some money out of their pockets and buy the stock, then I may too. In the mean time, best of luck to Douglas, clearly he's been wrong over the past 3 years here.
A little sense? You think because someone owns a lot of the stock they have some special knowledge, even more than people who run the company day to day? I can show you 13d owners in quite a few companies that had their heads handed to them with purchases that look exactly like Douglas'. Go look up what Sumner Redstone did at Midway, Greek Investments with Pacific Sunwear, Wilbur Ross and Exco.
This company is in deep trouble right now. My view is that they are going to need to do some kind of financing deal because they are going to have liquidity issues within the next 6 to 9 months, if not sooner. Where is the money going to come? They will need to sell more shares (not a good option with stock at the current level), issue debt (with current troubles will have to pay a pretty high rate), or sell assets (this has been mentioned - but will someone pay top dollar knowing that the company is desperate)?
Again, let management and all the directors open their wallets and put their money where their mouths are. If they can't do that, not even coughing up enough to purchase 5000 shares a piece at the current price, why should anyone else want to buy with their own money?
I assure you, Douglas doesn't know what's going on better than senior management. You use a little sense.
I have no position currently, do not short, am not a troll - I follow insider transactions looking to buy. I want to buy, but Douglas alone won't get my money on the table.