Quote:
Originally posted by mike4947
According to the news I read, Martha put a delayed sell order in that would cause her shares to be sold if the price dropped below $60 a share. The order was said to be put in on Dec 10th. This is a common practice for stocks that have jumped in price and the floor is moves up as the stock price increases. She had some really bad luck that it activated the day before the news broke.
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That is according to what Martha says.
The broker who executed the transaction was not able to produce a written stop loss order from Stewart and his assistant has no memory of it either.
I think it's pretty stupid of someone worth millions to risk possible jail time for a measly little quarter of a million dollars worth of ImClone stock. Either very stupid or very greedy. The smart way to play that would have been to simply wait till the news broke and then immediately sold. That way she would have lost a few thousand dollars instead of the millions in paper losses from her company's stock tanking because of the scandel.