SPF's NON Insider Buying
If you go to Yahoo and look at insider behavior, it appears that insiders are buying shares at SPF. And not only a few insiders, a whole bunch. A couple of very respected CAPS players fell into the trap and believed that insiders were actually buying shares. It simply is not accurate. As a matter of fact, the insiders were given shares and their only recent behavior is selling shares of SPF.
The following is the actual language from the CEO's(who is currently being sued in a class action suit for giving false guidance) Form 4 filing:
Explanation of Responses:
( 1) Issuance of restricted stock pursuant to 2007 Performance Share Award Program.
( 2) Payment of tax withholding relating to vesting of restricted stock issued pursuant to 2007 Performance Share Award program.
Basically the CEO was GIVEN 63,000 and he immediately sold 9,607 to cover withholding taxes. Now is that a vote of confience since EVERY insider did the same thing? Insiders playing hot potato?
The amazing part is that SPF's 2007 performance was the WORST in the company's history, its CEO and CFO are getting sued for providing false guidance, it is in violation of its debt covenants due in large part to its executives borrowing billions to speculate on land in some of the most challenged markets in the country..........AND THESE GUYS GET PEFORMANCE SHARE AWARDS?