I don't have a real problem with him selling some shares. The one bad thing about being an insider is that shareholders think they should hold onto their shares forever. That's just not realistic. He exercised 150,000 in options at 40 cents and sold the whole works.
That said, the optics do look a pretty bad. First, he sells half of these shares at a significant loss. That doesn't exactly inspire confidence. Second, it never ceases to amaze me how insiders make no effort to report their transactions within the five days they are expected to do so. I have never seen anything less adhered to than this one very simple requirement of insiders. Every week ASC reports pages and pages of late filers.
And that 70,000 of the shares in this case were sold just prior to news knocking off 65% of GSR's stock value? Well, that just makes it look that much worse. So as I say, I don't have a real problem with him selling shares but I have a huge problem with him not having the decency to timely declare these trades for everyone to see. While we're not aware he's been selling shares, we're all unknowingly committing to the long haul. Real nice! Starting to think this guy might be very appropriately last named.
Late SEDI Filers - Goldstrike - Page 2