Insiders in selling spree

Jun 18, 2002 10:32 AM

Attracting more attention on Wall Street lately has been the number of shares being sold by so-called insiders, usually shares awarded as options to officers and directors of the various companies.

The sales or filings (required forms indicating the intent of the individuals to sell some of their holdings) are published by the Securities and Exchange Commission. In a recent equity research paper published by Bear Stearns, the analysts listed activities reported for the period between April 8 and May 22.

Topping the list from the standpoint of total numbers of directors and executives whose filings were reported was MGM MIRAGE Inc. (MGG). During the reporting period, the company’s shares were listed in the mid to high 30’s.

Among those listed were: Fred Benninger, 5,000 shares; J. Terrence Lanni, 100,000 shares; Daniel M. Wade 20,000; Kyle Edwards 12,000; William J. Hornbuckle, 30,000; Cynthia K. Murphey 21,000; John Redmond, 20,000; Alex Yemenidjian 50,000; John Redmond, another 20,000; John Redmond, another 77,500; Alex Yemenidjian, another 210,000, and Daniel M. Wade, another 20,000.

Other major companies included: Boyd Gaming Corp., Whitt Family Trust, 400,000 shares; Pinnacle Entertainment Inc., R.D. Hubbard 150,000 shares, and Park Place Entertainment, Clive Cummis, 50,000 shares.