Dave wrote:
On Fri, 07 Jan 2005 18:12:20 -0500, Jeff Morris
said:


You're correct from a legal point of view, however, it is clear that he
violated the rules concerning insider trading, and he violated the
regulation required reporting the transaction.


You're hopelessly confused here. Form 4 is filed because of Sections 16(a)
and 16(b) of the Securities Exchange Act of 1934. Under those sections, a
company is entitled to, and in fact effectively required to, recover any
profit an officer, director or 10% or more shareholder makes on a purchase
and sale, or sale and purchase, of the company's stock within any six month
period. The recovery is totally unaffected by whether the officer, director
or shareholder had any inside information. Late filing of these forms is so
common, that the SEC has a separate designation for annual reports of a
company where any insider has been late in filing Form 4. I've seen many,
many of these forms filed late, and I've never heard of an insider's getting
so much as a phone call about the late filing. So as to the late form, Bush
was treated just like any other officer, director or 10% shareholder.

As to the insider trading, I just don't know what the evidence was. The
Commission doesn't publish anything when it terminates an investigation
without starting an enforcement proceeding. The mere fact that someone sold,
and adverse information became public at a later date isn't enough to make
out a claim. The Commission would have to show that Bush knew the
information at the time he sold. Having been involved in a few similar
cases, I can tell you that ain't easy in many cases.

James Doty is a widely respected securities lawyer among those who practice
in the area. He'd have been nuts to damage a well-earned reputation by
putting in the "fix." But of course that won't stop the fringe freaks from
making up conspiracy stories.

Dave
You crack me up Dave. You put so much effort into making this sound
respectable, but all you've done is shown why so many lawyers are
considered the scum of the Earth. Are you really trying to claim that
when the president of a company sells a large block of stock a week
after being told that the company may fold in two weeks is not the very
definition of "insider trading"?

OK Dave, how about some more double-talk. That will really convince us.