FTW responded: "You can't even get the difference between an insider and someone with inside information and you want to spar with me?"
I guess I "commingled terms" for simplicity, just to convey the concept. I should probably have included the word "constructive" to help you, and others, understand my post better.
This definition is pretty much word perfect:
Constructive Insider
A person who is not considered an insider of a publicly-traded company but may still have access to nonpublic information that is expected to remain nonpublic.
For example, a lawyer working for a firm retained by a publicly-traded company may be a constructive insider. Constructive insiders are expected to abide by the same rules as actual corporate insiders; that is, they may not reveal or profit from nonpublic information.
The term was first used in the U.S. Supreme Court case Dirks vs. SEC.
A person.... e.g. anyone in TPL and its affiliates who "touches"
PTSC/MMP business
A lawyer.... or senior manager or principal/owner or....
...publicly traded companyPTSC
Paraphrased: Anyone in TPL and its affiliates who "touches" PTSC/MMP business may be a constructive insider of PTSC.
I would imagine this could also include Eric Swartz for either his information as a Warrant negotiator and/or his position as the employer of CJ, a PTSC Board Member.
From personal experience, as a member of an M&A team doing due diligence I was remined by my company that for the duration I must abide by "insider" rules for both companies.