I can understand the reasoning if one is an outside investor with no ability to influence the company, but anytime I see active managers selling stock it is a bad sign. They can give any reason they want, but most owner operators will keep as much ownership as they can if they feel comfortable with the direction of the company. Of course I'm not talking about starving and living in a motel room because you don't want to lose ownership. In these cases where existing cash wealthy managers sell off parts of their ownership they're saying that they think cash/other investments are worth more than their company's stock; actions speak for themselves.
