RE: Insider Unloaded 65000 shrs yesterdayIt was actually 59,300. Here's the link to prove it
https://www.tmxmoney.com/HttpController?GetPage=InsiderTradeMarker&Market=T&Language=en
As I've stated before, insider selling has been rampant in the past couple of months. Insiders not only executing stock options, but common stock as well.
It may be that the stock options are expiring, but if management had confidence in the stock, they would hold on to at least a portion of the converted common stock (which I haven't seen).
As for the selling of common stock, this bothers me the most. Nadjmul has sold approx. 40% of his position in the past 2-3 months, close to $1.2M worth of stock. Trying to rationalize it, could it be that there will be a lengthy blackout and he's disposing half his shares because of litigation risk? Conversely, 90% of all litigation gets settled before trial...I like those odds, but his actions make me nervous.
Maybe the recent selling hint of serious dilution to come? I don't see Wi-Lan being able to partner with another corporation, such as RIM. Although RIM has the money and Wi-Lan the expertise, I can't see a situation where there would be 100% alligned interests. I.e. RIM may not want to litigate to extract royalties, rather use the patents for cross-licensing purposes. Therefore, I can't picture a clear decision process where both parties would be able to sustain value for their particular interests.
I can only see a partnership where Wi-Lan will be in full control. This probably means debt, possibly convertible to equity with a high premium attached. Also, how much would a FI/IB be willing to lend with this much risk...most likely, it would require a combination of debt and equity.
My gut is telling me something that not great for s/h is going on...and hence the insider dumping.