That the company is not apparently doing so seems significant to some sources. [The bond offering is] more of a defensive move, says one Wall Street analyst who declined to be named. Brocade might be looking at operating losses, and this puts cash on its balance sheet.
There are signs that Brocade insiders are less than bullish on the future of the company's stock. According to SEC filings this month, Brocade CEO Greg Reyes plans to sell 250,000 shares for $9.2 million. He has filed to sell $100 million in stock over the last year. VP of strategy Paul Bonderson is selling 50,000 shares for $1.9 million, and the new CFO, Antonio Canova, plans to sell 30,000 shares for $1.1 million.
Jo Maitland, Senior Editor, Byte and Switch
http://www.byteandswitch.com
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