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Etana Finkler
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| 09/25/2007 2:41 AM |
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A woman visited the club and DOES want to join, but she works for the FDA, and she cannot be a member,
since we own SYK, SYY, and WAG, stocks which she could not own. We don't want to limit out the sectors
of healthcare and food. So we have decided she cannot be a "member."
So short of being a member, could she become a permanent guest? She's okay with that option.
No voting rights, no money exchanged, she couldn't participate in discussions in those 2 sectors.
She cleared it with her job (FDA), that she would not participate in those discussions,
and they were okay with her being in club.
But Ira Smilovitz, Mark Eckman, and Lynn Ostrem think it would make the club vulnerable to
possible accusations of insider information, even if she were just at the meetings.
I wanted others' opinions before I told her that she is unwelcome. She happens to be a BI member, has investing
experience, and could be a peer to me in a club with mostly beginners.
Her interest in the club is to be with women and talk and learn about stocks.
Do you think our club could realistically get in trouble, if she visited the club? The club is open to the public (to women).
But she would be attending on a regular monthly basis, and she would be participating in discussions.
Thank you for your opinions.
Etana, The Stockettes, Silver Spring, MD |
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Joe Craig
Ellicott City, MD
StockCentral Administrator
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| 09/25/2007 8:40 AM |
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Etana,
I don't think that you have to tell her that she's "unwanted." It seems to me, from the other posts that you have made on this topic, that the prospective member is well aware that she shouldn't be joining the club.
From your other posts, she's been given advice from FDA that she should attend only the social part of meetings. And, body language works even in the social part of the meeting where stocks are likely to be discussed.
In a club I'm in, a member had to resign because his wife's new job put constraints of what the FAMILY could own.
I think that you should take the advice that you've been given. I think that she will understand.
Your other recourse would be to contact a lawyer and pay for legal advice. But, I think you know what that advice would be, so save your club's money for investing!
It's real. I think that Lynn Ostrem's advice, "NO WAY," is the right advice. |
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Joe |
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Etana Finkler
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| 09/25/2007 8:58 AM |
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The alternative is to transfer SYY, SYK, and WAG to the members in the club, and then to only invest in the many remaining industries that she CAN invest in... What do you think of that?
3 of the 5 of us have way too many units now: we have about 95% and the other 2 members have about 5%. We're way down, having lost 4 members. And we have 6 interns. So if we transferred those stocks, we could all be more equal in units, and we would still each OWN those stocks personally.
Is that also a bad idea?
thanks, Etana |
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Joe Craig
Ellicott City, MD
StockCentral Administrator
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| 09/25/2007 9:49 AM |
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| I'm sure that you can structure things in a way that this person could participate, but do you really want to tie your club up for the "benefit" of having that one person join? |
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Joe |
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Danny Matthews
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| 09/25/2007 5:57 PM |
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| I am impressed by your desire to make this work but it seems like the hurdles put in front of you and the club are going to take a lot of the primary focus away from the club, Education and making a profit. I would assume that your friend could attend some educational meeting outside of the club setting and some of the social settings. I'm sure she would be an asset to the club, based on the desires of she and you, but to put it in investing terms, it seems the risk outweighs the reward. I would leave it to inviting her to education where stocks in which she has restrictions are not discussed and to social club events. Let us know how this decision turns out. |
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Danny Matthews
Tuscola IL |
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Irina Clements
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| 09/26/2007 9:42 PM |
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Etana:
To juxapose a quote from another context, JUST SAY NO!! 
I just got finished reading the replies to your query ...
1) I would echo Joe's comment - that is, why does this person want to participate in the club when it seems quite clear that she knows better and got guidance from the FDA to reflect same and I would add my own caveat
2) Being in a club and investing money is enough of a nutroll that makes me question a) why is this person so important that you would sell your stock holdings in WAG, SYY and SYK and b) why would you risk any improprieties - [as another aside, WAG is at the top of the Manifest Investing top 40 list just released - so selling WAG would be a bad club stock decision to boot]
If you want to facilitate her learning fine let her visit once ... or you can help her facilitate a club filled with those from the FDA with similar restrictions
VR
IRina |
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Etana Finkler
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| 09/27/2007 8:29 AM |
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From the The Clubhouse at STOCKcentral.com, Irina Clements writes:
Etana:
>To juxapose a quote from another context, JUST SAY NO!!
>1) I would echo Joe's comment - that is, why does this person want to participate in
>the club when it seems quite clear that she knows better and got guidance from the FDA
>to reflect same and I would add my own caveat
She got guidance from FDA that it is fine to be in a club, not just the social part
>2) Being in a club and investing money is enough of a nutroll that makes me question
>a) why is this person so important that you would sell your stock holdings in WAG, SYY and SYK
>just released - so selling WAG would be a bad club stock decision to boot]
I thought we would TRANSFER our holdings to the members who now own 95% of the club portfolio
to bring us all more even, as written in the PA
Due to member withdrawal, we have
member 1 = $6200
member 2 = $5700
member 3 = $4500
member 4 = $ 500
member 5 $150
I don't know what to do about that imbalance now anyway: change the PA so it doesn't matter how much % people own? Change our 1 member = 1 vote? (but Denise wouldn't be a paying member, just a visitor and there are many industries we could still study)....
>>a) why is this person so important that you would sell your stock holdings in WAG, SYY and SYK
The reason she's so important, is that I have for 11 years only attracted beginners, who never get the 'hunger' of investing, but give the minimum in the club. Denise is a BI member, knows Toolkit and wants to talk stock. She owns stock on her own. The others in the club dabble in minimal stock purchases and I'm bored by their lack of interest. That's why I started coming to director meetings, but we don't talk about stock either, mostly admin talk.
But I have gotten much negative feedback here, so I do hear loud and clear what I need to do.
thanks all!
Etana |
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