Hawaii-based Airlines - Hawaiian CEO sells $2M in stock [5/7/08]

Anyone else find this rather suspicious? HA is trying really hard to make this one sound okay, but there's something fishy when any airline CEO boots millions worth in stock.

Hawaiian Airlines Chief Executive Officer Mark Dunkerley sold about $2 million in company stock this month, the company disclosed in a regulatory filing.
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According to a filing with the Securities and Exchange Commission, Dunk-erley sold 200,000 shares at $8.59 a share on May 2 and another 33,570 at $8.45 per share that same day.

The company said Dunkerley continues to own a "significant amount of the company's equity."

The sale — Dunkerley's first since he joined the company in 2002 — leaves the CEO with 225,000 shares of restricted stock. He also has options to purchase another 1.6 million shares.

Hawaiian Holdings Inc., the airline's parent, said Dunkerley was restricted in his ability to sell shares of the company's common stock to specific trading windows, and he chose to do so now for personal financial-planning reasons.
http://www.honoluluadvertiser.com/apps/pbcs.dll/article?AID=/20080508/BUSINESS03/805080322/1071

Anyone else find this rather suspicious? HA is trying really hard to make this one sound okay, but there's something fishy when any airline CEO boots millions worth in stock.


http://www.honoluluadvertiser.com/apps/pbcs.dll/article?AID=/20080508/BUSINESS03/805080322/1071

He is probably planning for poor income for his airline. All airlines are majorly hurting. I have a feeling that the Hawaii tourism market is going to take a big hit. It is unfortunate. :(

He is probably planning for poor income for his airline. All airlines are majorly hurting. I have a feeling that the Hawaii tourism market is going to take a big hit. It is unfortunate. :(

Meter that thinking with the fact that ATA and Aloha went out of business in Q2, and the fact that they've jacked up their fares quite a bit since then. Q2 report should be out July 30/31. We'll see then.

He sold approximately 1/2 his holdings, so it's not alarming to me. A lot of his net worth was probably in HA stock so selling for financial planning makes sense to me.