One solution is to form corporations or limited partnerships that make the sellers less transparent. And thats what William Miller, a founder and chief technology officer of StorageNetworks Inc. (Nasdaq: STOR), a storage services provider, appears to have done.
Miller put 1 million of his StorageNetworks shares in a corporation called BMAAM, of which he is the sole owner. He also put 2.4 million shares in a limited partnership called MAWAM, of which he is the general partner and his children are limited partners.
Since May, Miller has filed plans to sell 550,000 shares from BMAAM for about $7.2 million. This includes a Nov. 14 filing to sell 250,000 shares for about $1.6 million. And on Oct. 23, he filed plans to sell 200,000 shares for about $1 million from MAWAM.
An irate StorageNetworks spokeswoman declined to comment on either of the entities -- not even on what the acronyms stand for.