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Subject:  Re: Stupid or Crooked? (Tom9) Date:  10/7/2002  11:32 AM
Author:  TMFTom9 Number:  7970 of 10419

Hey 1971Simon:

First off, and in general to posters here, I've edited the piece to reflect that the debate over insider and instituional ownership percnetages doesn't change the point.

On whether and where to report: There is nothing to report in the U.S., because the company is not subject to the same SEC reporting requirements on insider trades as are U.S. based corps, to my knowledge. I don't know the British rules, but I'll bet others are looking there.

My point is that mgmt.'s statements in July and now raise serious questions because they either don't know their business or are lying about it. We edited the article at 1:45 last Thursday, and it said among other inane things, that it happened in part because there are two vacation months in Q3. Uh, excuse me, but was that new this year? I think not.

Also, there's a Bloomberg UK interview where Saxbe takes harder hits from British journalists and doesn't address the inconsistency of company statements. Amazing.

I'm sure that if there are any legal problems here, there will be a flood of people ahead of any of us. If it is just lousy management, well, the stock will reflect that over time. I just want them to say, "we were overly enthusiastic in July. We should never have made those kind of projections. we'll spend less time predicting the course of our business, and more managing it and reporting the realities."

A guy can dream, can't he? ;-)

Best wishes, and Fool on,
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