More on Sinclar Exec Insider Trading

[Roland99]

http://www.salon.com/politics/war_room//index.html

With Sinclair Broadcast Group’s stock tanking, investors aren’t pleased about losing millions to further the management's right-wing agenda. Since the company announced that it was going to air "Stolen Honor," a hit piece on John Kerry, on all of its 62 TV stations, the company has lost about $140 million in market cap and is threatened with a boycott that could lead to further losses.

If Sinclair were a private firm, it would be free to destroy its bottom line in the name of ideology. But Sinclair is public, and its stockholders are mad. Recently, several clients of the San Diego securities litigation law firm Lerach Coughlin Stoia Geller Rudman Robbins -- most of them big institutional investors like 1199 SEIU Greater New York pension fund -- inquired about filing suit against the broadcast company.

But when William Lorach, a partner in the law firm, started looking into Sinclair, he realized that several of the company's senior executives and one member of its board of directors unloaded all their stock before the price tumbled. Now, in addition to suing Vice President Frederick Smith, Vice President J. Duncan Smith and director Robert E. Smith for driving down Sinclair's stock price, Lorach is also accusing them of insider trading.

"We have discovered that senior executives and a director of Sinclair appear to have taken advantage of their inside knowledge of the Company’s business and prospects to sell over $18.5 million worth of Sinclair stock, most of which sales took place near the stock’s 52-week high of almost $15.50 per share," Lorach wrote in a letter to Sinclair's board. "Specifically, Sinclair Vice President Frederick G. Smith sold 75,000 shares of Sinclair stock on December 23, 2003 at $14.30 per share for total proceeds exceeding $1 million. This sale by Frederick Smith represented nearly 15% of his total Sinclair holdings. Sinclair Director Robert E. Smith has, between December 30, 2003 and April 7, 2004, sold nearly 1 million shares of Sinclair stock – virtually 100% of his holdings – at an average price of well over $13 per share, pocketing $13.2 million in proceeds. And Sinclair Vice President J. Duncan Smith, between December 12, 2003 and January 8, 2004, sold nearly 300,000 shares of Sinclair stock – virtually 100% of his holdings – at an average price of over $14.30 per share, pocketing nearly $4.5 million in proceeds."

[DELUSIONAL]

1. Throw them in jail --

oh never mind -- they're gop -- different rules for this sub human species.

Meanwhile -- Martha is in jail --for what??

Being female
Being a democrat
giving money to the democratic party
oh 'cause she "lied"

How is that trial for perjury going -- the one where the "expert" lied regarding "ink" on a document used to convict Martha.

What an education -- different justice system for democrats and gop

[kokomo]

2. George Bush made 16 TIMES more from insider trading than did Martha.

Bush profitted about $800,000 from dumping his Harken Energy stock just before it cratered. But Poppy was President at the time and the SEC looked the other way.