Constructive Insider
posted on
Jan 27, 2014 01:10PM
Can PTSC request a BK court judge to categorize Dan Leckrone, Mac Leckrone and all TPL and Alliacense management as "Constructive Insiders". Surely there is now no doubt that these people have the power to control and determine the income flow to PDS and thus PTSC.
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.
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