Stock purchases made late last fall by four directors
of Florida Panthers Holdings have attracted the attention of
other investors, according to Cindy Krischer Goodman of the
MIAMI HERALD. Recently filed records reveal the execs
bought $2.87M of the company's stock "just before" the
announcement of a "key" acquisition drove up the stock. The
directors purchased 285,000 shares for $10.06/share from
November 13-December 16, six days before the Panthers
acquired two Fort Lauderdale resort hotels. The shares are
currently trading for $32. Among the directors: Republic
Industries Vice Chair Harris Hudson and President Steven
Berrard; Huizenga Holdings President Richard Rochon; and
Huizenga's Extended Stay America CEO George Johnson.
Huizenga spokesperson Stan Smith said there were no "insider
purchases" of Panthers stock, adding the investors "have a
lot of confidence in the company and the management." But,
some early investors are "miffed," and have filed suit in
federal court in Ft. Lauderdale on behalf of those who sold
their shares between the period in which the execs made
their purchases. They charge Huizenga and other officers
with securities violations and misrepresentation of the
company's short-term prospects (MIAMI HERALD, 1/30).
