I agree with your analysis of reg FD having printed it out and read a fair portion of it. The discussion specifcally talks about insider trading rules being the criteria for assessing the actions of someone who does receive material non public information as part of a road show supporting the sale of equities.Perhaps it is the same flaunting of the rules that we see happening every day in the news -- they all do it until someone gets taken to task by Spitzer.
On the other hand maybe someone would argue what they learned wasn't material. Is the fact that they have an option to buy some stock at some moving average discount to market (unknown price and the deal is still not official) defacto mean they can't buy or sell any stock even if nothing else was learned through the offering.
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