Hey doc,
In all due respect, here's the answer to your question regarding Crowe sales. As importantly, the analyst asking the question, who has affectionately become known as, "The Mouse Lady," because in her bearish state many moons ago suggested that, (3)'s pipes would be better served with "white mice" running through them, has had a "two dollar price target" on the shares for at least two quarters now.
Thanks to "seekingalpha.com" for providing the transcript, for which I am in compliance with their copyright requests. Do you hear me Sanjeev!
http://seekingalpha.com/article/233708-level-3-communications-ceo-discusses-q3-2010-results-earnings-call-transcript?part=qandaOperator
We’ll move now to D.A. Davidson and Donna Jaegers.
Donna Jaegers – D.A. Davidson
Hi, good results. Two quick questions for you. Can you talk a little bit more about the large contracts? I thought Time Warner Cable is building their own CDN network, I’m assuming maybe that’s the one that you guys want and then I got another question for Jim?
Jeff Storey
We can’t. We’re not in a position to talk about specifics at this point.
Donna Jaegers – D.A. Davidson
I hate to put you on the spot on this one, but you sold 2 million shares of your stock during the quarter. With all those good news and the stock rebounding, can you give us a little more explanation over why you would sell your shares now?
Jim Crowe
First of all, as you may know, the shares were all sold to members of the Board. So, I would hope the signaling is clear. I had three years of current cash income, salary and bonus that I believe were appropriate to results of the company, but we’re certainly far below historical levels and far below other CEOs. I had a cash flow issue to deal with and hopefully dealt in a way that sent the positive signal to investors.
Donna Jaegers – D.A. Davidson
Thank you.