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“How about the neighbours whose house overlooks the rail yards?”
That one is easy. The workers have a fiduciary relationship to their company, the neighbors don’t and so they are not insiders. If the workers had told the neighbors inside information, however, rather than the neighbors making their own observations, the neighbors would be implicated.
To DIBS’ point, the question to my mind is whether the information was real info or, as CGar says, just a hunch. If it was specific enough to qualify, it was certainly material and they are certainly insiders.
CGar, are those actually the facts or are you filling in the blanks?
Surely you aren’t proposing an actual knowledge standard for insider trading. Then what, all you have to do is prove there was some sliver of doubt in your mind to defeat the charges? The government has to prove you saw something that gave you certainty?
I do M&A. There is doubt about whether a deal will happen right up until the moment you sign an agreement. Where do you draw the line between guys like me who are in the negotiating room and guys who are out on the rail yards? Sure, you think they’re sympathetic characters because they have blue collars or something, but can you actaully come up with a meaningful way to draw a line here?
Oh for fuck’s sake, I’m back in the first year of law school now. Hell, time to go do real M&A. Laters.
Chuck Schumer was in the 77th Street Station (R train – Bay Ridge) this morning shaking hands.
Benson!
UGH – Avoid Landmark Diner – when I was in High School we only would go at 2am for things like coffee/hot cocoa and apple pie(which is surprisingly good there)
I would have told you -it’s nothing special there
there are so many great places in Port Washington along the harbor you would have enjoyed
Rob – I doubt they rejected you for having pink hair – perhaps they thought you worked too long and the dog would be alone all day or that you lived in a really tiny apt?
“I din’t say whether I agreed or not as to their “insider” status. . . . Are these “observations” actual knowledge of material information???”
Well, I’m happy to take a position and state that, IMO, they did not have material inside information and were not insiders within the meaning of the securities laws. If I did criminal defense work, I’d take their case.
DIBS, consider the following hypothetical:
1. You hold $1,000,000 worth of a company’s shares at $10. As part of your regular portfolio management you decide to sell and buy something else.
2. It turns out the company is starting a process to sell itself at $20.
3. A bunch of lower level employees who “put two and two together” after seeing a bunch of mean looking bald lawyers skukling around for a week decide to buy stock. Turns out that, collectively, they buy $1 million of stock. In fact they buy your shares.
4. The sale is announced. The employees sell at $20.
Did they just steal a million dollars from you?
Beware of easy answers.
Gem;
BTW – before going to the NSAL, we stopped at the “Landmark” Diner on Route 25 for breakfast, where they advertised their famous buttermilk pancakes. My mouth was watering, because I love buttermilks. I was disappointed. Like lead – not light and fluffy at all.
Why is it do hard for diners to do good buttermilk pancakes these days?
I’m still kicking myself in the behind for not jotting down the address of a diner I went to on the Sunrise Highway near Massapequa a couple of years ago. I drove my wife to a shower out there, and I went to this diner to kill time. They had the BEST buttermilks I’ve ever tasted.
quote:
I was impressed with the screening at North Shore. In the time we were there, they rejected three of the five applicants that were there to adopt a dog or a cat.
i was rejected from adopting a dog once and was pretty pissed off about it. it’s like there’s a gazillion dogs who need homes and youre rejecting people? lame. i think the only reason i can think of why they rejected me was cuz i had neon pink hair at the time, but that’s a totally absurd reason. did they think i was going to dye the dog pink or something?
*rob*
I din’t say whether I agreed or not as to their “insider” status. I just posted it to generate discussion.
Most insider cases need “material inside knowledge.” Are these “observations” actual knowledge of material information???