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Reply #12: prior knowledge? gimme a break [View All]

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TheWebHead Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jun-06-10 07:08 AM
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12. prior knowledge? gimme a break
so he knows the stock is about to drop 35% after a rig explosion and BOP failure, and he sells less than 1/3 of his position. it's nonsense. The stock was trading at a 52 week high in the weeks before the disaster, so selling was logical and was likely a diversification strategy most insiders employ, unless you're an idiot like aubrey mcclendon was with Chesapeake in 2008 - all in and on margin. He's had foot in mouth syndrome and company wide they didn't take safety seriously enough, but if he had any idea this was about to happen they would've taken steps to prevent it rather than becoming America's pinata, crashing their stock, and exposing his 2/3+ remaining position to bankruptcy.
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