[It's a game the whole family can play... BMAAM: Bill Miller's Artful Accounting Manipulation? MAWAM: Meaningless Acronym Worth Alotta Money?]
Miller and StorageNetworks general counsel Dean Breda were not available to comment.
Corporate executives are generally edgy about publicity of insider sales. A constant gripe you hear from CEOs is Ive got to diversify,' says Don Reynolds, a securities lawyer with Wyrick Robbins Yates & Ponton, who is not affiliated with StorageNetworks. Then when they sell, the market thinks somethings wrong, perhaps not considering they still hold millions of shares.
Reynolds says executives more commonly establish trusts rather than corporations or limited partnerships to sell personal stock. But he notes that a limited partnership, aside from making the beneficiary less transparent, can have tax benefits.
Even if Miller winds up selling all of his BMAAM and MAWAM shares, his holdings should still be substantial. According to the companys proxy statement in April, Miller held a total of 5.5 million shares under his own name and these other entities. Between then and the end of October (the date of his most recently reported transaction) Miller sold 800,000 shares, leaving him with 4.7 million.
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