If AT&T Is Buying Echostar, Why Are Insiders Selling?

As both the Rocky Mountian News and the WSJ’s Deal Journal are reporting, there has been a wave of options-related selling by insiders at EchoStar (DISH). That raises an obvious question: would they be selling if the company was about to be acquired by AT&T (T)?

There have been a flurry of Form 4 filings over the last two weeks. Here’s what they show:

• David Rayner on November 19 exercised 75,000 options at $33.25, and sold all the shares the same day at prices ranging from $44.13 to $48.21.
• Daines Nolan exercised 40,000 options at $17.30 on November 19, and sold the shares the same day at prices ranging from $44.65 to $49.62.
• Steven Goodbarn exercised options on 10,000 shares at $22.26 on the 19th, and sold them at $47.94-$47.99.
• R. Stanton Dodge exercised options on 3,100 shares at $10.20 on November 16, and another 15,340 on November 19. He sold all of those shares at $40.50 to $44.41.
• Michael Duggan exercised options on 68,867 shares at $33.109 on November 16, and the same day sold almost all of those shares at prices ranging from $39.35 to $40.
• Michael Kelly on November 15 sold 80,000 shares at prices ranging from $39.50 to $39.83.
• Steven Schaver on November 16 exercised options on 2,000 shares at $28.88. There is no sale reported.
• Mike Schroeder acquired 1,500 shares at prices ranging form $40.26 to $40.28 on November 14.

EchoStar Wednesday is off 95 cents at $42.29.