Headsup! teleconference today RE Sinclair Insider Trading!

[librechik]

hot off the wire (no link yet)

snip from the press release

"News Advisory:
Telephone News Conference at 1 p.m. EDT Today
SINCLAIR BROADCASTING SHAREHOLDERS DEMAND
OFFICERS RETURN PROFITS FROM INSIDER TRADING
Officers Who Ordered Stations to Show Anti-Kerry Film
Also Sold Stocks at High Mark, then Drove Values Down
DETAILS:
Famed shareholder attorney William S. Lerach will hold a
news conference at 1 p.m. today to discuss insider
self-dealing by officers of Sinclair Broadcasting, the
Baltimore-based television chain that is forcing its
affiliates to show a propaganda film that attacks
presidential candidate John Kerry.
He will release a set of demands aimed at making Sinclair
executives disgorge millions of dollars in unjustified profits
taken out of the firm when stock prices were high during the
past 12 months. Yesterday the company's stock fell a
further 8 percent after being down more than 50 percent from
the year's beginning, as advertisers pulled back to avoid the
station's self-generated political controversy. "


Gotta love this!

[Skidmore]

1. Man, whoever made the programming decision to run

that film must sure be hyperventilating now.

[napi21]

2. WOW, first a letter from the stockholders threatening suit, now this.

Sounds like the shareholders are really pissed!

[leftofthedial]

3. why can't the public see these repukes for the criminals they are

they are all the sleaziest imaginable conmen

The truth is there for anyone to see

I'm hard-pressed to name a prominent repuke who isn't hip-deep insome slimy scandal

[DrZeeLit]

13. Trial Lawyers! Trial Lawyers!

ha ha ha ha... they will all NEED those pesky trial lawyers that they keep trashing. Hope Edwards tells all his buds to turn a deaf ear when they call.

[VOX]

4. This is so, so...**perfect**...

This is the best news I've heard in days!

Thanks, librechik! :yourock:

[librechik]

5. I'm listening in ; - )

I'll let everyone know what happens

[Robbien]

6. Insiders sold 2,065,000 shares in the last six months at approx $15/sh

Since stock is now in the mid 6 dollar range this sounds like very good grounds for a suit.

[in_cog_ni_to]

7. Sinclair is imploding!

Do you think they will regret doing this? Are they smart enough to regret it or is their partisan hatred blinding them?

[librechik]

8. Teleconference over; here's what happened BIG NEWS

all the BIGS were sitting in, Wall Street Jounal, NYT, WaPo, AP, USA Today, Newsweek, CNN, so expect headlines soon.

A group of institutional shareholders of Sinclair (pension funds and the like) got in touch with Bill Lerach because they were concerned about the sudden plunge in Sinclair revenue seemingly caused by the Stolen Honor controversy. The investigation uncovered a previously hidden pattern of insider trading since January. For example, two of the four Smith brothers sold 100% of their shares when they were at a 52 wk high, shortly after the company "bullishly" boasted about how much they were going to profit from political adverts this year. Then there was an unexpected shortfall in revenue, a shortfall no other similar company experienced, which they blamed on the hurricane season.

Then the ABC thing, then the Stolen Honor thing, and Sinclair is now tanking and the pension funds who hold the stock want to know why.

So, they will file a "shareholder deriviative lawsuit" against the board of directors to recover the profits from the insider trading for the company. That alone is about $18 million between the three brothers who sold out in January. The shareholders will claim the company has been mismanaged, the lawsuit cn't be filed until the board of directors formally rejects the demand letter, which will take anywhere between a few days to a few weeks (don't expect anything before the election.) But to me it looks like an open and shut case!

Sticking point: William Lerach is known as a bigtime Democratic Fundraiser. WSJ guy asks "Is this politically motivated?" No, just profits motivated. Besides there aren"t any individuals involved in the suit, just institutional investors, Lerach won't name except for the Greater New York Pension Fund.

Once the lawsuit is filed in a state court in Maryland, DC or NY, there will be an internal investigation at Sinclair. And penalties.

SCOOP!!

In 20 minutes another teleconference will bne hels by the same PR co. that arranged this one--It's about some people who want to buy time on Sinclair to run Going Upriver!

So stay tuned--I just might listen to that one too!

[in_cog_ni_to]

9. Holy Moly! Sinclair is in twouble, me thinks.

Thanks for the report!

[ewagner]

10. Great report

thanks.

[Kahuna]

12. You rock, librechik!

:yourock: and all the people who put the screws to SBG.

[Eloriel]

14. I get it now

They wanted Bush to win not JUST because they, um, like his policies, but in the hopes (expectation?) that his administration would bail them out of any legal trouble for what had already gone on. Love it.

[nostamj]

11. thanks for the report!!

SWEET!!

posted a HEADS UP with link in the campaign forum!

[alexisfree]

15. thank you so much!!!

you are the best!