Sell now!
Interesting item in SceneDaily: Brian France has dumped most of his ISC stock.
From Scene Daily:
According to its annual filing of stockholders to the Securities and Exchange Commission, ISC reported March 6 that Brian France had 8,930 shares of Class A stock and 8,033 of Class B stock (.03 percent of the total voting power). In last year's report, he had 237,078 shares of Class A and 235,181 of Class B (0.78 percent voting power). The stock sales happened sometime before Jan. 31.
Sister Lesa sold about 471K shares in 2005.
The spin is that neither France had much stock in the first place - less than 1 percent. But the fact remains that Brian sold off 96 percent of what he had. The stock traded in the low 50s for most of 2005. The math, in rough terms: 235K shares x $50/share = $11.8M.
But look at the chart again. The share price tanked at the end of the year right after ISC announced its TV deal, which wasn't as lucrative as analysts apparently thought. And the rule of thumb on these sort of things is "Get out before the bust."
So there are the dots. Someone with more financial savvy than I have needs to connect them for me.
Comments (1)
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He needed a quick inflow of cash so he could buy the Charlotte Observer, thus obtaining control of That's Racin' to go along with RacingOne which is already owned by a division of ISC.
That's my rumor and I'm sticking to it. :-)
Posted on March 15, 2006 3:49 PM