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Message: Insider selling

Insider selling

posted on Apr 13, 2009 03:47AM
From:
"inca kola news" <[email protected]>


What's the rush, Michael?

Posted: 12 Apr 2009 01:35 PM PDT


When insiders sell stock in their company it's always worth noting. Sometimes those sales have decent explanations, sometimes they get your nose a-twitching. Sometimes they're small, sometimes they're big. But when one single insider sells stock not just in one company but in five companies all related to each other, it's one worth commenting out loud. Especially if that person happens to be the Chief Financial Officer in two of the five companies.

Over the last couple of weeks, Michael Kinley, CFO of Cardero Resources and International Tower Hill (ITH.v) has sold stock in CDY

Cardero Resource Corp. (CDU)

Apr 09/09 Mar 23/09 Kinley, Michael Winslow Indirect Ownership Common Shares 10 - Disposition in the public market -2,700 $3.170
Apr 09/09 Mar 31/09 Kinley, Michael Winslow Indirect Ownership Common Shares 11 - Disposition carried out privately -5,000 $1.670
Apr 09/09 Mar 23/09 Kinley, Michael Winslow Indirect Ownership Common Shares 11 - Disposition carried out privately -4,500 $3.020

He's sold stock in ITH

International Tower Hill Mines Ltd. (ITH)

Apr 09/09 Mar 31/09 Kinley, Michael Winslow Indirect Ownership Common Shares 11 - Disposition carried out privately -212,500 $0.210
Apr 01/09 Mar 23/09 Kinley, Michael Winslow Indirect Ownership Common Shares 11 - Disposition carried out privately -8,000 $1.420

But he's also sold chunks of three other "Cardero Group" companies, namely Wealth Minerals (WML.v):

Wealth Minerals Ltd. (WML)

Apr 01/09 Mar 23/09 Kinley, Michael Winslow Indirect Ownership Common Shares 11 - Disposition carried out privately -144,456 $0.400

Dorato Resources (DRI.v)

Dorato Resources Inc. (DRI)

Apr 09/09 Mar 31/09 Kinley, Michael Winslow Indirect Ownership Common Shares 11 - Disposition carried out privately -58,000 $0.630

And Trevali Resources (TV:cnq)

Trevali Resources Corp. (TV)

Apr 09/09 Mar 31/09 Kinley, Michael Winslow Indirect Ownership Common Shares 11 - Disposition carried out privately -150,000 $0.100
Apr 01/09 Mar 23/09 Kinley, Michael Winslow Indirect Ownership Common Shares 11 - Disposition carried out privately -5,000 $0.660

Now all this selling must have a decent reason, surely no? But all the same if the CFO, the dude who does the money chez Cardero, starts bailing heavily from the interrelated companies he holds (and after collecting $150,000 in fees for his services last year from ITH.v and CDY) don't you think the market deserves a word or two of reassurance, especially considering the delicate state of negotiations between CDY and the Chinese over their delayed iron ore deal? Inquiring minds and all that.........
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