Executives sell off SCO shares
August 19, 2003
THREE SCO Group executives began selling shares on a pre-set schedule after the company filed a software lawsuit against IBM that seeks as much as $US50 billion ($75.8 billion).
Senior vice-presidents Reg Broughton and Jeff Hunsaker notified the US Securities and Exchange Commission of their share sale plans in May and June.
Vice-president Mike Olsen, who wasn’t required to notify the SEC, began selling shares according to a plan in May, company spokesman Blake Stowell said.
Executives at Utah-based SCO Group have sold more than 126,000 shares for about $US1.2 million since the IBM suit was filed. Before that, SCO insiders hadn’t sold shares in more than a year.
The officials were facing higher tax bills because of the increased value of their options and restricted shares, chief executive Darl McBride said. The shares have gained more than fourfold since the company filed suit against IBM in March.