insider selling--opinions pleaseI reviewed Ink Research for PNP.
Sheldon Inwentash sold off 1,937,680 shr`s of direct and indirect shr`s of PNP on Aug21,22,23 &24.
Latest Filing date Aug31/07 indicates Sheldon still holds the following in shr`s.
DIRECT OWNERSHIP INDIRECT OWNERSHIP
common shr`s-- 5,632,444 common shr`s--3,642,840
options-- 500,000 options -- 140,000
TOTAL COMMON SHR`S STILL OWNS = 9,275,284
TOTAL OPTIONS SHR`S STILL OWNS = 640,000
The CEO`S Holding summary charts indicates he acquired at least half of the 11 million shr`s he owned in april and may 07.Seven to 10 days ago he sold off almost 2 million shr`s but he still holds over 9 million common shr`s and 640,000 options.
Why he sold, only he and a few others really know, the rest of us can speculate.The selling of these 2 million shr`s scares the hell out of me, however I would hate to dump my 5500 shares I recently purchased in july( big mistake) for around $10.43 only to see a new stock rally start this fall.I read all the doom and gloom about this stock as well as other stocks but my gut feeling is to stay the course and hold.If he continues to sell then I have made an even bigger mistake and will suffer further.As he still holds almost 10 million shr`s maybe he sold off 2 million shr`s to start buying some of the companies PNP still holds but are in an oversold position.Maybe he feels they need a kick start and he feels there is good value there.If they go up so does PNP which he stills owns 10 million shr`s in.Maybe he will use this cash to buy back PNP if it continues to drop.Can only speculate but would appreciate some input from others with more experience then I have.
How large of a margin call did PNP experience?How much cash if any do they have in hand.What happens when the doom and gloom is over (and it will be over)to PNP stock value.Patterns repeat themselves if they still hold value,so when the remaining companies of PNP rebound then PNP should also retrace some of its losses.JMO
I sure wish I would have shorted this stock @ $10.43 instead of buying.
GLTA