Maybe he's like many of us, he's spent all his ammunition

Considering he has not sold 1 share, your last statement is probably accurate. Although he may not legally be blacked out, at this stage of the game they (management) probably would recommend that all those in the office refrain from making big share aquisitions for moral or ethic reasons. I would have a hard time believing that a director is not more prevvy than I am on valuable info.

Just my opinion