Transferring shares into a family trust is a tax saving measure. I guess this guy figures these shares will significantly increase in value in the future, hence the transfer to lower his tax bill. Here's an excerpt form an online website pertaining to reasons for such a transfer:
"Discretionary family trusts are used in corporate reorganizations and estate freezing to transfer future income and wealth to a taxpayer’s family. Those family members then use their lower marginal tax rates to effect overall savings and the potential for making multiple use of the super capital gains exemption is enhanced"
*Citi, the peeps who peeked behind Chemtura's curtain bought 6 million shares
*This guy is transferring shares to his family trust (if he thought they would be cancelled and hence,worthless, why the heck bother with the transfer??)
*Only 50% of company in bk (how do you even negotiate cancelling shares in such a situation...it sounds like a logistical nightmare!)
*They have a book value of 1.40+,that is steadily rising
*Q2 will looks like it will be profitable
*Yada,yada
If you can't read between these lines...buy some bifocals!
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