THanks for the clarity. Depending on the information shared, Mainesbest would be a temporary insider BUT he hasn't broken any law unless he trades on that info prior to it becoming public.
From the article:
" If the President of a company tells you that the company's best hope for a breakthrough product isn't going to get regulatory approval, you are now every bit as much an insider as he is, with respect to that information. It is illegal for him to trade based on that knowledge before it becomes public knowledge. It is equally illegal for you to do so because you are now a "temporary insider". This remains true regardless of how many times the information is passed. If the president tells his barber, who tells her baby sitter, who tells her doctor, who tells you, the barber, baby sitter, doctor and you are all "temporary insiders".
Anyone who has material information is prohibited from trading, based on that knowledge, until the information is available to the general public. "
