>Kunath filed 4 form 4's over a several day period<
That’s correct, although one of these filings was a Form-4/A to amend a prior Form-4.
The relevant point here is that Kunath still owns quite a few options (13,200 exercisable @1.81 from the Form-4 I cited and 12,000 exercisable @4.41 from the Form-4/A filed on Apr 17). These options can be exercised and sold in subsequent 10b5-1 transactions.
>In any event, if you think these sales are periodic, I suppose you are right, if by periodic, you mean, daily.<
Kunath’s multiple transactions in April are probably considered one event for 10b5-1 purposes. Bear in mind that the executor of a 10b5-1 plan typically enjoys wide discretion in how to convert the 10b5-1 algorithm into actual sell orders. For obvious reasons, it may be advantageous to break up a large sale into pieces.
It’s a major loophole of the regulations on 10b5-1 plans that the selling algorithms can be almost anything the owner wants them to be, and the plans can easily be changed or even canceled.
The bottom line is that 10b5-1 plans are a scam perpetrated by the SEC and corporate insiders (#msg-17987025). When it comes to reading signals about where a company is headed, I generally consider 10b5-1 selling just as bearish as any other selling.
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