This story had us looking for answers Thursday and it is another good example of how we can be transparent, show the anatomy of a story and separate fact from fiction.
Thursday an email was sent to the kalb.com "contact us" box. It contained the following:
The Cleco VP dumps at least $430,000 worth of stock... which is immediately reported in the Houston Chronicle, Boston Globe, Forbes, and MSNBC.Not worthy of a mention in the Town Talk or KALB though.
Wednesday, May 23, 2007 6:35:00 PM
It turns out this was actually a post in the Cenla Antics blog. The item was of interest to us simply because of the lack of information surrounding the CLECO and City of Alexandria litigation.
The statement in the emailed comment above is not factual. Here are the facts and why this is not a news story.
CLECO Executives, like any other high level employee of a publicly traded company have a small window of opportunity to sell their earned options/shares. This is regulated by the SEC and there are public filings required. A quick visit to the CLECO website at this link, SEC filings shows all of the executives and what stock they have sold in May and for how much.
05/22/07 CRUMP KEITH D 15k
05/22/07 BUNTING ANTHONY L 8k
05/11/07 FONTENOT WILLIAM G 19k
05/10/07 FONTENOT WILLIAM G 19k
05/10/07 DAVIS R RUSSELL 17k
05/08/07 JAMES F BEN JR 8k
05/08/07 WESTBROOK W L 10k
05/08/07 GARRETT J PATRICK 19k
05/08/07 NOLEN KATHLEEN F 14k
05/08/07 MILLER JUDY P 19k
05/08/07 DAVIS R RUSSELL 17k
This is not a hidden transaction and stock holders are encouraged to check with the company they hold stock in.
Susan Broussard of the CLECO Public Relations Department responded to our calls for clarification and says "...as you know our stock has been very strong lately, CLECO has been a good investment."
Were we wrong? Did we miss an important story?