PLONK


"Jonathan Ganz" wrote in message
...
Scotty, knock off the stupid fool bit. You're good at it, but it
gets old
fast.

--
"j" ganz @@
www.sailnow.com

"Scott Vernon" wrote in message
...
Ganz, knock off the political bull ****.




"Dave" wrote in message
...
On Mon, 25 Oct 2004 11:34:23 -0700, "Jonathan Ganz"
said:

[snip]

Jon, you need to refrain from regurgitating the claims of others
in
areas of
the law where you know nothing.

The late filing was a Form 4. That form is filed under Section
16(a)
of the
Exchange Act. Form 4 is designed to alert a company's
shareholders
to claims
the company may have under Section 16(b). Section 16(b) requires
an
officer,
director or 10% shareholder to repay any profit he makes on a
purchase and
sale, or a sale and purchase, of a company's stock within 6
months,
regardless of whether the purchase and/or sale was made on the
basis
of
inside information. Whether or not the filing is late, the
officer,
director or insider has to give back any profit made on a
purchase
and sale
within 6 months. If there wasn't a purchase and sale within 6
months
there
is no liability, whether or not the filing was timely made.

There is a group of lawyers who make a living by checking SEC
filings for
purchases and sales within 6 months, and a late filing does the
officer or
director no good whatever in that regard. If there was a purchase
and sale
within 6 months, shortly after the filing the company will get a
letter from
one of these lawyers pointing out that the company is required to
get the
profit back from the insider. If the company hasn't already
gotten
the
profit back, it can expect to receive a bill from one of these
lawyers for
the "service" performed in calling the company's attention to its
right to
recover. Been there. Done that. On the one occasion when one of
my
clients
got such a letter, we were able to politely reply that the matter
had been
taken care of before the company got the letter, so the service
was
not
required.

It's not at all uncommon for Form 4s to be late. In fact it's so
common that
the Annual Report on Form 10K has a box to check if the filing
discloses a
late filing of Form 3, 4 or 5. Over the course of more than 30
years
I've
seen many many late filings of Forms 3, 4 and 5. None of the
filers
even got
a letter from the SEC about the late filing, let alone an
investigation. So
it sounds like Bush's late filing got precisely the same
treatment
as
virtually every other late Form 4.

Dave