Menu Foods CFO sold stock before pet food recall

CTV.ca ^ | 4/10/07

[DogBarkTree]

"horrible coincidence" Yea right. And I am an Astronaut from Mogadishu.

[cripplecreek]

It could be a coincidence but it sure don’t look good.

[cardinal4]

"horrible coincidence" Yea right. And I am an Astronaut from Mogadishu.

So now anyone who makes money off of company stock is suspect? Thats absurd. All the pet food companies used the same supplier. Unless the CFO was in bed with a supplier who was knowingly selling bad stuff, which I doubt, then thats all this is- a coincidence..

[Centurion2000]

The chief financial officer of Menu Foods Income Fund says it was a "horrible coincidence" that he sold nearly half his units in the pet food company less than three weeks before a massive product recall.

Hope he enjoys prison because he's gonna find out why they call it the pokey.

A canadian Ivan Boesky?

[ansel12]

The Special Kitty pouch tuna that I was using became unavailable in my local area Wal-Mart stores back in December or so, I am curious if that is a coincidence, or if it was pulled because of the (then) upcoming recall? It is one of those listed.

[cripplecreek]

My dogs eat dry food but they’re barely eating any of that these days because I’m making most of their food for them.

[silverleaf]

“horrible coincidence” he engaged in a personal cashout while thousands of beloved pets were being fed life-ending industrial waste. How very unfortunate indeed.

[Jagman]

I hope they really hound him on this. I know the SEC can be pretty dogged in pursuing cases like this one, but sometimes they just play cat and mouse. In any event, he’s really in the dog house!

[italianquaker]

more fuel for Senator Durbins fire

[DogBarkTree]

Im not saying “anyone”. However, anytime something big and bad like this happens; stock sales of an insider merits suspicion if its done right before the news breaks to the world.

[Abathar]

I agree it sure don't look good, but imagine having your savings sitting there, knowing that in a couple of weeks you are going to lose almost half of it and not being able to do anything about it.

That would really stink if it was your retirement you needed in a few years....

[Pearls Before Swine]

I believe him.

Unless it turns out that he had some convincing advance of the poisoning before the complaints became public, it probably is a coincidence. Especially if he’s in the habit, as some execs are, of routinely selling the stock they routinely acquire as vested compensation.

[DCPatriot]

I would be a coincidence IF he has a record of buying and selling his stock frequently.

It's called something else if he never sold any of his stock previously.

[Paradox]

I would be a coincidence IF he has a record of buying and selling his stock frequently.

Is that not a part of the public record? Wonder if it is findable on the internet.

[Cicero]

I’m inclined to believe it. I don’t know what his salary is, but it doesn’t seem like a lot of stock or a lot of money for what I gather is a fairly large company.

[Bommer]

he sold nearly half his units in the pet food company less than three weeks before a massive product recall.

In the 3 weeks before any of this crap happened, hundreds of tons of dog food would have been processed and cycled through after the sale of the stock. Theres nothing there.

[the anti-liberal]

That's right - my first thought was, "it may be a horrible coincidence, but what a lucky one." My second thought was, "there will be posts from folks who think that earning a profit is an evil thing - 'those evil capitalist.'"

Really, how in the world could he have possibility known there was going to be a bad batch of wheat gluten from China? And if he did know, why in the world would he allow it to happen, knowing (theoretically) that both pets and his company would suffer?

I think its just and awful and lucky coincidence.

[gridlock]

If you read the article closely, the sale was three weeks before the recall, but after the initial reports of problems. This timing is very suspicious.

[cardinal4]

Really, how in the world could he have possibility known there was going to be a bad batch of wheat gluten from China? And if he did know, why in the world would he allow it to happen, knowing (theoretically) that both pets and his company would suffer?

That's how I see it, too..

[stockpirate]

There are in fact certain rules that apply to cororate officers as to when they can and cannot sell shares.

This boils down to when was he advised about the problem and when did he enter the documents to sell his shares.

i like to think not guilty until proven otherwise, call me conservative.