Who's Filing Now?

Once again, as Wall Street waits for happy hour, we Fools wade into 8-K filings that, if the timing is to be believed, executives would rather you not read.

Kicking off today's list is Adobe Systems (Nasdaq: ADBE  ) , which, in this filing, announced that CEO Bruce Chizen may sell up to 1.7 million shares between July 21 of this year and March 31, 2008.

Chizen's selling will occur under the purview of a 10b5-1 trading plan, which means he will have no control over the timing of the sales. Yet Chizen isn't leaving everything to chance. Quoting:

Mr. Chizen's Rule 10b5-1 trading plan ... [is] subject to specified limitations, minimum price thresholds, and early termination or suspension upon the occurrence of certain specified events. [Emphasis mine.]

Translation: I'm selling to diversify. But only if diversifying also makes me rich.

Whoa! Look at the time!
Others were filing to announce management changes.

At medical-device maker XTENT (Nasdaq: XTNT  ) , this filing announced that Class I director Patrick Latterell didn't stand for re-election at the recently completed annual meeting, leaving XTENT's board with a vacancy.

Meanwhile, at Stock Advisor pick Shuffle Master (Nasdaq: SHFL  ) , this filing revealed that hedge-fund manager Todd Jordan, who was the lead financial expert on Shuffle Master's Audit Committee, leaves the board tomorrow to take on further duties at ... some unnamed company. Ohhhhh-kayyyyy.

Can you help me make the jet set?
But that's nothing. Two Cablevision (NYSE: CVC  ) executives revealed in this filing that they'd be able to sequester the company jet for personal use.

Frankly, I wouldn't call this a huge deal. It's certainly not unprecedented. Oracle (Nasdaq: ORCL  ) CEO Larry Ellison reimburses shareholders for his use of the company jet. And Robert Rubin, a former Secretary of the Treasury and chairman of the executive committee of Citigroup (NYSE: C  ) , has a similar deal. Why should Ratner and Rutledge have it any different?

Maybe they shouldn't. Then again, considering each took home more than $6 million in salary and bonus last year, they really have no need to borrow from shareholders to arrange luxury travel.

Here's why you pay attention to 8-K filings
But my favorite filing this week comes courtesy of insurer IPC Holdings (Nasdaq: IPCR  ) . While short, it underscores exactly why you should pay attention to 8-Ks. Quoting:

On June 22, 2007, IPC Holdings, Ltd. announced that, during the second quarter of 2007, the Company repurchased $100 million of its common shares. ... These repurchases, which were conducted in the open market, amounted to 3,188,669 common shares, at an average price of $31.331. Under the Company's current authorization for the twelve month period ending May 1, 2008, it is permitted to purchase up to $100 million more of its common shares ... provided that no shares shall be repurchased for a price in excess of $38.50 per share. [Emphasis mine.]

Translation: Management doesn't think the company is worth more than $38.50 a stub. Now, how often do you see that? Not very often, I'd say. Thank you, EDGAR.

Found a late filing we Fools should see? Let me know.

Shuffle Master is a Stock Advisor selection. Get a month of free access to the service, which is beating the market by more than 36 percentage points, right now. There's no obligation to subscribe.

Fool contributor Tim Beyers, who is ranked 3,801 out of more than 31,000 rated investors in our Motley Fool CAPS investor-intelligence database, usually favors two scoops of ice cream over the inside scoop. Tim owned shares of Oracle at the time of publication. Tim's portfolio holdings can be found at his Fool profile. His thoughts on SEC filings, Foolishness, and investing in general may be found in his blog. The Motley Fool's disclosure policy may be filed under "F" for fair, or Foolish.


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