Watsa wanted to sell BB stock.....From Business Insider June 2021.......This ones for Yasch22
The Fairfax chief would have liked to sell at least some of his BlackBerry stake in January, when the meme-stock frenzy drove its stock price from under $7 to almost $29 at the peak. However, Fairfax was restricted by SEC rules from making a profit on its shares, as it had swapped an old batch of bonds for its current set last September.
The "short-swing profit rule" requires insiders who own at least 10% of a company - and buy and sell its stock within a six-month period - to return any profits they make to the company. It's designed to prevent the use of inside information for short-term profiteering.
"There was no way, we checked it 10 times," Watsa replied when an analyst on the earnings call asked if he had sold any BlackBerry stock. "We had no option but to wait."