Trammell Crow Co – [Tcc]

Last summer, management at Trammel Crow cancelled a 5M share secondary offering due, apparently, to a weakening chart pattern and overall stock market woes. At that time, the stock was trading at $30 per share. Oddly enough, with the stock is trading at a mere 55% of its summer highs, the company has not been dissuaded from offering 4.5 million shares. Of the shares sold, 100% can be attributed to stock sales by executives and other employees. In summary, on March 29, ten insiders dumped a total of 2,320,080 shares (remember, not all of the stock sales by employees trigger a form 4 filing) at $14.56 per share. In some cases, it is not unusual to see insiders sell stock within a few years of an IPO; at Trammel Crow, however, insiders are reducing their holdings actionable holdings (exercisable options and common stock) considerably. Leading the way, Director Harlan Crow as well as Crow Family Partners sold a total of 1,520,080 shares. Mr. Harlan’s sale reduced his actionable position by nearly 20%. Next, EVP a nd COO H. Pryor Blackwell dropped some 180,000 shares, reducing his position by 25%. Next, President and CEO George Lippe sold 125,000 shares. President and CEO, Trammel Crow William Rothacker sold 110,000 shares, dropping his position by 20%. EVP and Chief Knowledge Officer Asuka Nakahara dumped 100,000 shares, reducing his position by 21%. EVP; President, Brokerage Operations William Maddux sold a total of 90,000 shares, thereby reducing his exercisable position by 23%. Also participating, President and CEO, Trammell Crow Corporate Services, William Concannon disposed of 80,000 shares. This transaction represents 20% of his stake. Director James Carreker disposed of 30,000 shares, reducing his actionable position by 25%. Lastly, executive William Leiser sold 25,000 shares.

COPYRIGHT 1999 American Banker-Bond Buyer

COPYRIGHT 2000 Gale Group