State Securities Division Concludes Probe of Insider Trading in Westland Stock Deal.SANTA FE Santa Fe, city, Argentina Santa Fe, city (1991 pop. 341,000), capital of Santa Fe prov., NE Argentina, a river port near the Paraná, with which it is connected by canal. , N.M. -- New Mexico New Mexico, state in the SW United States. At its northwestern corner are the so-called Four Corners, where Colorado, New Mexico, Arizona, and Utah meet at right angles; New Mexico is also bordered by Oklahoma (NE), Texas (E, S), and Mexico (S). Securities Division Director Bruce R. Kohl announced today the division has concluded its inquiry into allegations that officials of Westland Development Co. Inc. had violated vi·o·late tr.v. vi·o·lat·ed, vi·o·lat·ing, vi·o·lates 1. To break or disregard (a law or promise, for example). 2. To assault (a person) sexually. 3. state securities law by engaging in insider trading connected with the proposed acquisition of the common stock of Westland by ANM ANM Azienda Napoletana Mobilità (Italian) ANM Advancing Native Missions ANM Answer Message (telecommunications) ANM Auxiliary Nurse Midwife ANM Arab Nationalist Movement ANM Advanced Network Management Holdings Inc. "We have determined that there is insufficient evidence insufficient evidence n. a finding (decision) by a trial judge or an appeals court that the prosecution in a criminal case or a plaintiff in a lawsuit has not proved the case because the attorney did not present enough convincing evidence. to warrant the filing of any action by the Securities Division in this matter," said Kohl. Kohl emphasized that the division's inquiry dealt only with the issue of possible violations of the New Mexico Securities Act prohibiting insider trading, and should not be interpreted as having a bearing on any other allegations beyond the division's jurisdiction. A state representative had requested the probe in response to allegations from constituents that corporate insiders at Westland had acquired company stock before a proposed stock purchase and merger transaction with ANM Holdings Inc. was publicly announced. The division received complaints alleging that officers and directors of the company had illegally traded in Westland stock. "Our investigation found no evidence that corporate officials having non-public information about the ANM offer had traded in Westland stock in violation of legal restrictions on insider trading under State securities laws," Kohl concluded. Westland initially made a public statement and filed a report with the Securities and Exchange Commission on Aug. 17, 2005, to announce an offer by ANM to acquire all of the outstanding common stock in Westland for a price of $200 per share. Previously shares of Westland stock had been selling in private transactions for $20 to $25 per share. Pursuant to a state statute passed in 1967, the former Town of Atrisco community land grant corporation converted to a for-profit business corporation named Westland Development Co. Inc. Westland owns approximately 57,000 acres of land west of Albuquerque that previously had formed the Atrisco Land Grant  This article or section needs copy editing for grammar, style, cohesion, tone and/or spelling.You can assist by [ editing it] now. . With limited exceptions only lineal descendants lineal descendant n. a person who is in direct line to an ancestor, such as child, grandchild, great-grandchild and on forever. A lineal descendant is distinguished from a "collateral" descendant which would be from the line of a brother, sister, aunt or uncle. of the original incorporators of the Town of Atrisco community land grant corporation may own shares in Westland. At present there are approximately 6,100 shareholders in the company. Acceptance of the ANM proposal must be approved by a vote of the Westland shareholders. |
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