I don't agree with you assertion that buying can't be insider trading, but I didn't write a word about insider trading today. I simply pointed out that there has been some insider buying that seems to get lost in the footnotes:
--- The CEO has acquired 58,351 shares of Class A Common Stock through Wave’s employee stock purchase plan.
--- The CFO has acquired 45,265 shares of Class A Common Stock through Wave’s employee stock purchase plan.
I'm not saying that's all they need to do or all they can do. I'm just saying it's at least something -- enough to quit saying that Gilder's purchase at the end of 2005 stands alone.
=================================================== Posted by: 24601 In reply to: None Date:11/6/2004 8:53:28 AM Post # 57133 of 146029
I'm a very long-time stockholder in Wave. I believe that the company has done almost everything it's allowed to do to inform its stockholders and the investing public of where the company thinks it is on the road to success. I say "almost" everything because at least one obvious, unambiguous, and permissible course of action remains: buying and holding common shares.
I think I understand why the total voting power wielded by the executive suite and board has fallen steadily since the days when it was large enough to fend off a hostile takeover. (As you will recall, in 1997 the insiders had total voting power of 43.6%.) I'm not asking for a reversal of this condition. I ask only that the executive suite and board demonstrate their expectations for the company's future by publicly purchasing its stock, even if only in blocks of hundreds or thousands.
I don't want a briefing on how the AMT works. Nobody is required to confine his buying to bargain options, and shares purchased on the open market pose no immediate tax ramification. Nor do I need to be told how the conversion of class B shares to class A affects voting power. Nor do I think I need a briefing on short-swing restrictions. I am writing about buying and holding like Mr. McConnaughy's in November 2003 (although it need not be on that order of magnitude).
If Wave is in a sweet spot to capitalize on a hockey-stick shaped TPM-adoption curve, it would be nice to see the people who put the company in that position -- the people who will ensure that the company capitalizes on that curve -- take action to increase their ownership, even if only in amounts that might seem symbolic. It would be one symbolic gesture that's perfectly legitimate.
I'm tired of e-mailing stuff like this to the company. To anybody who agrees with what I've written: please consider commending it to the company's attention in whatever way you think might be constructive.
Thanks for your consideration.
Best wishes, John Sullivan ===================================================
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