Kirby J Scott Sells 91.1K Shares and 3 Insider Sales to Follow

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US Airways President Sells 91.1K Shares and 3 Insider Sales to Follow


[font=Helvetica Neue']By Alex Capel | More Articles
January 10, 2013[/font]

Kirby J Scott[font=Helvetica Neue'] who is President at [/font]US Airways Group, Inc.[font=Helvetica Neue'] ([/font]NYSE:LCC[font=Helvetica Neue']), sold 91,123[/font][background=transparent][background=transparent]shares[/background][/background][font=Helvetica Neue'] at $15.00 per share for a total value of $1,366,845. The shares recently traded at $15.13, [/font]up[font=Helvetica Neue'] $0.13, or 0.87% since the insider sale.[/font]


http://wallstcheatsh...ow.html/?ref=YF

1.3 million dollars!
 
LCC stock already down after the sale so I think its just a clever maneuver to keep the value of out grant down :angry2:
 
It is a Rule 10b5-1 sale, which means it was set up months ago to be a blind transaction and he cannto change that once set up. Don't try and read anything into it about the current merger process.
 
UPNAWAY said:
It is a Rule 10b5-1 sale, which means it was set up months ago to be a blind transaction and he cannto change that once set up. Don't try and read anything into it about the current merger process.
Click to expand...

Exactly. Not every action by a management employee is part of a conspiracy by the man to keep the rank and file down.

Quarterly federal estimated tax payments are due (as always) on January 15. Many execs of many companies routinely sell some stock to cover estimated payments.
 
UPNAWAY said:
It is a Rule 10b5-1 sale, which means it was set up months ago to be a blind transaction and he cannto change that once set up. Don't try and read anything into it about the current merger process.
Click to expand...

That's right, besides, he changed him name from Scott Kirby to Kirby Scott so anything he did in the past he's no longer responsible for:)

Bean
 
UPNAWAY said:
It is a Rule 10b5-1 sale, which means it was set up months ago to be a blind transaction and he cannto change that once set up. Don't try and read anything into it about the current merger process.
Click to expand...

Actually, under Rule 10b-5 one can cancel the ordered trade, even if was made months ago. Thus one can have a series of ordered trades months into the future, and if the news is expected to be bad after the trade, then the trade can go through as planned for the higher expected profit. Generally speaking outside of options and futures markets, insider trading requires the actual transaction of securities, thus cancel plans means no transaction of securities, and thus no insider trading.

The key issues are what was known when the order to sell was made months in advance, as part of an affirmative defense, and if actual securities were part of the transaction. As such if there is no penalty to cancel, that tells me Kirby figures bad news is coming and decided to take the money now.
 
http://www.bloomberg.com/news/2013-01-11/us-airways-kirby-gains-1-37-million-after-stock-gain.html?cmpid=yhoo
 
I don't know much about the way stock would be handled in the case of a merger, but is it possible that he would have lost out on the number of new shares and/or their overall value?
 
If there is no merger the stock is gonna free fall faster than Felix Baumbartner...so Kirby just making sure he makes some $$$ before that.
 
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