Tuscany International Drilling Inc T.TID

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[khaledb]

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I would like to complain in regards to Tuscany International Drilling (TID).

This member company filed for Chapter 11 / CCAA protection in the USA on Sunday Feb 4, 2014. In December 2013, a registered insider Bruce Moyes; current Vice President of Finance for TID sold approximately 1 million common shares. This sale was succeeded by 3 press releases on Jan 16th 2014 and Jan 27th, 2014 and Feb 3, 2014. Each subsequent press release was of a material event, and the common equity share price decreased by 71% from the date of the first to third release ($0.07 CAD to $0.02 CAD) at which point the company filed for bankruptcy.

TID only has 3 officers; it seems completely illogical that the entire management and director group was not all in blackout. Especially considering the press releases occured within weeks of Mr. Moyes dispositions. Anyone acting in a senior executive capacity, especially one intimately involved in the finances of the company, would have material inside information that should preclude them or from taking any action up to and including trading the companies common equity.

Thank you for your consideration and update on the matter.