Timeline of Insider Selling Starting in Nov 2021
APE creation project insider discussions and executive transactions
Last Updated: Sept 16, 2023
Project Popcorn Background
November 2021 was critical period during which Project Popcorn was under active discussion. While discussions may have commenced earlier, court discovery documents confirm that in November 2021, Project Popcorn involved:
- Citi analysts
- AMC executive management
- Board of directors
Project Popcorn Timeline
Project Popcorn ultimately culminated in:
- July 2022 - Board approval of APE share units
- August 22, 2022 - Official APE trading commencement
- March 14, 2023 - Shareholder vote for APE merger back into AMC common stock and reverse split
- August 25, 2023 - Cessation of APE trading
Executive Insider Selling Pattern
It is notable that AMC executive management initiated aggressive sales of personal AMC common shares beginning in November 2021, coinciding with Project Popcorn discussions.
Key Observation
November 2021 marks the month when most insider selling commenced, continuing through March 2022. Several executives divested their entire holdings of vested shares by March 2022.
Executive Summary Table
| Executive | Position | Total Sold (Nov 2021 - Jan 2023) | Key Details |
|---|---|---|---|
| Adam M Aron | President & CEO | $42.1M | 85.9% sold Nov 2021 - Jan 2022; retained 205,086 of 1.25M shares |
| Sean D Goodman | CFO | $10.9M | Sold 100% Nov 12, 2021; divested subsequent grant by Dec 9, 2021 |
| Elizabeth F Frank | EVP & Chief Content Officer | $7.09M | Retained 126 shares by Dec 29, 2021; sold 361,472 total |
| Stephen A Colabero | EVP & Chief Marketing Officer | $6.25M | Sold 100% by March 11, 2022 (starting Nov 2021) |
| John D McDonald | EVP, US Operations | $5.09M | Nov 2021 - March 2022 period |
| Kevin M Connor | SVP, General Counsel & Secretary | $5.06M | Nov 2021 - March 2022 period |
Insider Information Advantage
Executing management possessed advance insider information regarding:
- Project Popcorn development and approval
- APE issuance and subsequent dilution impact
- Float dilution magnitude (~10x from reverse split and merger)
- Market timing of announcements and trading commencement
Strategic Timing
The timing of insider sales (November 2021) aligns precisely with early Project Popcorn discussions, approximately 8 months before public APE announcement and trading.
Documentation & SEC Filings
Comprehensive documentation of executive transactions is available through:
- SEC EDGAR Database - Official insider trading filings
- AMC Investor Relations - Corporate transaction disclosures
- Form 4 Filings - Complete trading documentation and PDF archives
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November 2021 was a month during which Project Popcorn was under discussion. The discussion might have commenced before November 2021. However, we have concrete evidence from court discovery documents confirming that in November 2021, Project Popcorn involved Citi analysts, AMC executive management, and the board of directors.
Project Popcorn (details here) culminated in board approval of APE share units in July 2022. These shares officially began trading on August 22, 2022. Subsequently, a vote was held for the merger back into AMC common stock and the reverse split on March 14, 2023. The execution of these actions led to the cessation of APE trading on August 25, 2023.
It is staggering that the executive management started aggressively selling its personal AMC common shares, beginning in November 2021. As you will see for each executive below, November 2021 was the month when most of the selling started and continued into March 2022. A few sold later.
A considerable number of executives divested their entire holdings of vested shares by March 2022, initiating the sales as early as November 2021, as illustrated below:
- The CEO, Adam M Aron, sold 85.9% between Nov, 2021 - Jan 12, 2022 (sold 1,250,000 shares keeping only 205,086).
- The CFO,Sean Goodman, sold 100% on November 12, 2021. Then received a grant and sold all of it by December 9, 2021 (again keeping zero shares).
- EVP, Elizabeth Frank, kept only 126 shares by December 29, 2021. Sold 361,472 shares by March, 2022.
- EVP, Stephen Colabero, sold 100% by March 11, 2022, starting from November 2021.
- EVP, Connor Kevin, kept only 1 (one) shares by December 29, 2021. Sold 254,513.
Here, we present each executive’s selling transactions, with a focus on November 2021 and the subsequent few months. Executives possessed insider information regarding Project Popcorn, allowing you to anticipate the impact on AMC common stock due to the stock split and the subsequent merger, which significantly diluted the float by a factor of 10. You can also access the page (from the AMC investor page) or download the SEC filing in PDF format. This document provides a comprehensive account of the events. Note also that there are several executives who do not have any filings (See the list at the end of this report):
| Executive | Total Sold (Nov, 2021- Jan 2023) | Position | Comment |
|---|---|---|---|
| Adam M Aron | $42.1M | President & CEO | Nov 2021 To Jan 2022 |
| Sean D Goodman | $10.9M | Chief Financial Officer (CFO) | Nov 2021 - Jan 2023 ($12.9M Total 2021 To 2023) |
| Elizabeth F Frank | $7.09M | EVP & Chief Content Officer | Nov 2021 - March 2022 |
| Stephen A Colabero | $6.25M | EVP & Chief Marketing Officer | Nov 2021 - March 2022 ($7.8M Total 2021 To 2023) |
| John D McDonald | $5.09M | EVP, US Operations | Nov 2021 - March 2022 ($8.29M Total 2021 To 2023) |
| Kevin M Connor | $5.06M | SVP, General Counsel & Secretary | Nov 2021 - March 2022 ($6.04M Total 2021 To 2023) |
| Daniel E Ellis | $5.05M | SVP, Development & Integration | Nov 2021 - Aug 2022 ($6.03M Total 2021 To 2023) |
| Chris A Cox | $3.2M | SVP & Chief Accounting Officer | Nov 2021 - Aug 2022 ($3.6M Total 2021 To 2023) |
| Carla C Chavarria | $2.52M | SVP & Human Resources | Only one sale in June, 2021 |
| Gary F Locke | $1.8M | Board of Directors | Only two sales in June, 2021 |
| Anthony J Saich | $1.44M | Board of Directors | Only two sales in June, 2021 |
| Kathleen M Pawlus | $1.05M | Board of Directors | Only two sales in May and June, 2021 |
| Adam Jay Sussman | $0.71M | Board of Directors | Only one sale in June, 2021 |
| Lader Philip | $0.7M | Board of Directors (Lead) | Only one sale in June, 2021 |
| Lee Wittlinger | $0.26M | Board of Directors | Only one sale in March, 2022 |
| Koch Howard Winchel Jr | $0.25M | Board of Directors | Only one sale in March, 2022 |
Adam Aron (CEO and President): $42.1M
Total (Jan 2021 - Jan 2023): $42.1M (Nov, 2021 - Jan, 2022)
On Jan 12, 2022 posted that he concluded his share selling.
| Transaction Date | Reported DateTime | Symbol | Shares Traded | Average Price (before reverse-split) | Total Amount | Shares Owned | SEC Filing (View) | SEC Filing (PDF) |
|---|---|---|---|---|---|---|---|---|
| 2022-01-11 Sale | 2022-01-12 4:13 pm | AMC | 312,500 | $22.85 | $7,139,375 | 205,086 (Direct) | View SEC filing | |
| 2021-12-07 Sale | 2021-12-09 4:55 pm | AMC | 312,500 | $30.87 | $9,645,938 | 95,997 (Direct) | View SEC filing | |
| 2021-11-09 Sale | 2021-11-10 4:13 pm | AMC | 625,000 | $40.53 | $25,330,625 | 408,497 (Direct) | View SEC filing | |
| Transaction Summary | 1,250,000 | $42,115,938 | ||||||
Sean D Goodman (EVP & CFO): $12.9M
Total (Jan 2021 - Jan 2023): $12.9M (Including $10.9M Nov, 2021 - Jan 2023)
| Date | Reported DateTime | Symbol | Shares Traded | Average Price | Total Amount | Shares Owned | SEC Filing (View) | SEC Filing (View) |
|---|---|---|---|---|---|---|---|---|
| 2023-01-11 Sale | 2023-01-13 5:04 pm | AMC | 80,750 | $4.68 | $377,749 | 4,420 (Direct) | View | |
| 2022-03-02 Sale | 2022-03-03 5:13 pm | AMC | 107,412 | $18.11 | $1,944,909 | 61,078 (Direct) | View | |
| 2022-01-06 Sale | 2022-01-10 4:34 pm | AMC | 64,019 | $22.68 | $1,451,661 | 4,420 (Direct) | View | |
| 2021-12-07 Sale | 2021-12-09 5:36 pm | AMC | 18,316 | $30.86 | $565,268 | 0 (Direct) | View | |
| 2021-11-09 Sale(Amended) - Do not include | 2021-11-15 4:52 pm | AMC | View | |||||
| 2021-01-09 Sale (Filing error - was amended) | 2021-11-12 4:46 pm | AMC | 166,250 | $39.98 | $6,647,155 | 0 (Direct) | View | |
| 2021-08-16 Sale | 2021-08-18 2:55 pm | AMC | 45,405 | $34.79 | $1,579,640 | 111,300 (Direct) | View | |
| 2021-04-16 Sale | 2023-04-16 | AMC | 45,404 | $9.488 | $430,793 | 156,705 (Direct) | View | |
| Transaction Summary | 527,556 | $12,997,175 | ||||||
Elizabeth Frank (EVP & Chief Content Officer): $9.18M
Total (Jan 2021 - Jan 2023): $9.18M (Including $7.09M between Nov, 2011 - March,2022)
| Date | Reported DateTime | Symbol | Shares Traded | Average Price | Total Amount | Shares Owned | SEC Filing (View) | SEC Filing (View) |
|---|---|---|---|---|---|---|---|---|
| 2022-03-29 Sale | 2022-03-31 4:39 pm | AMC | 20,000 | $29.91 | $598,240 | 4,168 (Direct) | View | |
| 2022-02-28 Sale | 2022-03-02 4:15 pm | AMC | 47,028 | $18.11 | $851,677 | 24,168 (Direct) | View | |
| 2022-01-10 Sale | 2022-01-12 4:35 pm | AMC | 46,165 | $22.42 | $1,035,019 | 3,539 (Direct) | View | |
| 2021-12-29 Sale | 2021-12-30 4:27 pm | AMC | 12,730 | $27.80 | $353,894 | 126 (Direct) | View | |
| 2021-11-05 Sale | 2021-11-09 5:09 pm | AMC | 35,000 | $41.30 | $1,445,500 | 15,995 (Direct) | View | |
| 2021-11-01 Sale | 2021-11-03 7:18 pm | AMC | 79,087 | $35.58 | $2,813,915 | 50,995 (Direct) | View | |
| 2021-06-03 Sale | 2021-06-04 | AMC | 21,462 | $43.54 | $934,455.48 | 92,318 (Direct) | View | |
| 2021-03-26 Sale | 2021-03-30 | AMC | 60,000 | $10.11 | $606,600.00 | 113,780 (Direct) | View | |
| 2021-03-16 Sale | 2021-03-18 | AMC | 40,000 | $13.56 | $542,400.00 | 173780 (Direct) | View | |
| Transaction Summary | 361,472 | $9,181,700.48 | ||||||
Share :
Stephen A Colabero(EVP & Chief Marketing Officer): $7.8M
Total (Jan 2021 - Jan 2023): $7.8M (Including $6.25M Nov, 2021 - March, 2022)
Note: No profile picture on AMC Website
| Date | Reported DateTime | Symbol | Shares Traded | Average Price | Total Amount | Shares Owned | SEC Filing (View) | SEC Filing (PDF) |
|---|---|---|---|---|---|---|---|---|
| 2022-03-09 Sale | 2022-03-11 8:09 pm | AMC | 69,005 | $15.59 | $1,075,788 | 0 (Direct) | View | |
| 2022-01-13 Sale | 2022-01-14 4:22 pm | AMC | 50,588 | $22.65 | $1,145,818 | 0 (Direct) | View | |
| 2021-11-10 Sale | 2021-11-12 5:03 pm | AMC | 38,464 | $38.79 | $1,492,019 | 13,476 (Direct) | View | |
| 2021-11-01 Sale | 2021-11-03 7:01 pm | AMC | 71,500 | $35.58 | $2,543,970 | 58,348 (Direct) | View | |
| 2021-06-17 Sale | 2021-06-21 5:17 pm | AMC | 2,495 | $60.84 | $151,796 | 91,384 (Direct) | View | |
| 2021-05-28 Sale | 2021-06-01 | AMC | 15,000 | $27.4204 | $411,306 | 93,879 (Direct) | View | |
| 2021-03-23 Sale | 2021-03-25 | AMC | 100,000 | $10.5217 | $1,052,170 | 108,879 (Direct) | View | |
| Transaction Summary | 347,052 | $7,872,867 | ||||||
John D McDonald (EVP, US Operations): $8.29M
Total (Jan 2021 - Jan 2023): $8.29M ($5.09 only Nov, 2021 - March, 2022)
Note: No profile picture on AMC Website
| Date | Reported DateTime | Symbol | Shares Traded | Average Price | Total Amount | Shares Owned | SEC Filing (View) | SEC Filing (PDF) |
|---|---|---|---|---|---|---|---|---|
| 2022-03-31 Sale | 2022-03-31 6:00 pm | AMC | 25,000 | $23.91 | $597,625 | 1,463 (Direct) | View | |
| 2022-03-23 Sale | 2022-03-25 4:44 pm | AMC | 50,000 | $20 | $1,000,100 | 51,463 (Direct) | View | |
| 2022-01-12 Sale | 2022-01-14 5:28 pm | AMC | 75,000 | $22.95 | $1,720,950 | 32,692 (Direct) | View | |
| 2021-11-01 Sale | 2021-11-03 6:41 pm | AMC | 50,000 | $35.58 | $1,779,000 | 82,203 (Direct) | View | |
| 2021-06-03 Sale | 2021-06-04 6:41 pm | AMC | 30,000 | $56.59 | $1,697,700.00/td> | 93,739 (Direct) | View | |
| 2021-04-22 Sale | 2021-04-26 6:41 pm | AMC | 50,000 | $9.92 | $496,000.00 | 131,239 (Direct) | View | |
| Transaction Summary | 280,000 | $8,291,475.00 | ||||||
Kevin M Connor (SVP, General Counsel & Secretary): $5.06M
Total (Jan 2021 - Jan 2023): $5.06M
| Date | Reported DateTime | Symbol | Shares Traded | Average Price | Total Amount | Shares Owned | SEC Filing (View) | SEC Filing (PDF) |
|---|---|---|---|---|---|---|---|---|
| 2021-12-30 Sale | 2021-12-30 5:38 pm | AMC | 11,791 | $27.91 | $329,087 | 1 (Direct) | View | |
| 2021-11-05 Sale | 2021-11-09 4:50 pm | AMC | 25,000 | $41.30 | $1,032,500 | 11,792 (Direct) | View | |
| 2021-11-01 Sale | 2021-11-03 7:38 pm | AMC | 57,864 | $35.58 | $2,058,801 | 36,792 (Direct) | View | |
| 2021-03-16 Sale | 2021-03-18 | AMC | 72,358 | $13.58 | $982,621.64 | 77,144 (Direct) | View | |
| 2022-03-08 Sale | 2022-03-10 6:39 pm | AMC | 50,000 | $15.05 | $752,450 | 4,051 (Direct) | View | |
| 2022-01-07 Sale | 2022-01-10 4:08 pm | AMC | 37,500 | $23.70 | $888,750 | 1,137 (Direct) | View | |
| Transaction Summary | 254,513 | $6,044,209.64 | ||||||
Share :
Chris A Cox (SVP & Chief Accounting Officer): $3.6M
Total (Jan 2021 - Jan 2023): $3.6M
| Date | Reported DateTime | Symbol | Shares Traded | Average Price | Total Amount | Shares Owned | SEC Filing (View) | SEC Filing (PDF) |
|---|---|---|---|---|---|---|---|---|
| 2022-08-08 Sale | 2022-08-10 5:32 pm | AMC | 12,000 | $25 | $300,000 | 1,250 (Direct) | View | |
| 2022-03-29 Sale | 2022-03-31 4:13 pm | AMC | 14,931 | $28.80 | $429,998 | 13,250 (Direct) | View | |
| 2022-01-12 Sale | 2022-01-14 5:45 pm | AMC | 20,000 | $22.97 | $459,400 | 991 (Direct) | View | |
| 2021-11-11 Sale | 2021-11-12 5:23 pm | AMC | 18,250 | $39.25 | $716,386 | 5,064 (Direct) | View | |
| 2021-11-01 Sale | 2021-11-03 8:19 pm | AMC | 37,000 | $35.87 | $1,327,005 | 23,314 (Direct) | View | |
| 2021-03-16 Sale | 2021-03-18 | AMC | 29068 | $12.86 | $373,814 | 42,000 (Direct) | View | |
| Transaction Summary | 131,249 | $3,606,603 | ||||||
Daniel E Ellis (SVP, Development & Integration): $6.03M
Total (Jan 2021 - Jan 2023): $6.03M
| Date | Reported DateTime | Symbol | Shares Traded | Average Price | Total Amount | Shares Owned | SEC Filing (View) | SEC Filing (PDF) |
|---|---|---|---|---|---|---|---|---|
| 2022-03-09 Sale | 2022-03-11 8:26 pm | AMC | 50,000 | $15.58 | $779,000 | 3,953 (Direct) | View | |
| 2022-01-14 Sale | 2022-01-18 4:25 pm | AMC | 40,788 | $20.27 | $826,936 | 569 (Direct) | View | |
| 2021-12-29 Sale | 2021-12-30 4:49 pm | AMC | 8,168 | $27.43 | $224,007 | 2,637 (Direct) | View | |
| 2021-11-12 Sale | 2021-11-15 4:33 pm | AMC | 26,667 | $39.79 | $1,060,973 | 10,805 (Direct) | View | |
| 2021-11-01 Sale | 2021-11-03 7:57 pm | AMC | 59,360 | $36.47 | $2,165,097 | 37,472 (Direct) | View | |
| 2021-06-03 Sale | 2021-06-04 8:26 pm | AMC | 13766 | $49.5176 | $681,659.28 | 67,528 (Direct) | View | |
| 2021-04-16 Sale | 2021-04-16 8:26 pm | AMC | 10,000 | $9.48 | $94,830.00 | 81,294 (Direct) | View | |
| 2021-03-29 Sale | 2021-03-31 8:26 pm | AMC | 20,000 | $10.258 | $205,160.00 | 91,294 (Direct) | View | |
| Transaction Summary | 228,749 | $6,037,662 | ||||||
Carla C Chavarria (SVP & Human Resources): $2.52M
Total (Jan 2021 - Jan 2023): $2.52M
| Date | Reported DateTime | Symbol | Shares Traded | Average Price | Total Amount | Shares Owned | SEC Filing (View) | SEC Filing (PDF) |
|---|---|---|---|---|---|---|---|---|
| 2021-06-03 Sale | 2021-06-04 | AMC | 40,346 | $62.67 | $2,528,548 | 44,183 | View | |
| Transaction Summary | 40,346 | $2,528,548 | ||||||
Gary F Locke (Board of Directors): $1.8M
Total (Jan 2021 - Jan 2023): $1.8M
| Date | Reported DateTime | Symbol | Shares Traded | Average Price | Total Amount | Shares Owned | SEC Filing (View) | SEC Filing (PDF) |
|---|---|---|---|---|---|---|---|---|
| 2021-06-16 Sale | 2021-06-15 5:07 pm | AMC | 1,843 | $58.14 | $107,152 | 17,722 (Direct) | View | |
| 2021-06-03 Sale | 2021-06-04 | AMC | 34,293 | $49.8222 | $1,708,552 | 19565 (Direct) | View | |
| Transaction Summary | 36,136 | $1,815,704 | ||||||
Anthony J Saich (Board of Directors): $1.44M
Total (Jan 2021 - Jan 2023): $1.44M
| Date | Reported DateTime | Symbol | Shares Traded | Average Price | Total Amount | Shares Owned | SEC Filing (View) | SEC Filing (PDF) |
|---|---|---|---|---|---|---|---|---|
| 2021-06-08 Sale | 2021-06-09 | AMC | 15,379 | $54.59 | $839,524 | 17,722 | View | |
| 2021-06-03 Sale | 2021-06-04 | AMC | 10,330 | $58.50 | $604,305 | 33,101 | View | |
| Transaction Summary | 25,709 | $1,443,829 | ||||||
Kathleen M Pawlus (Board of Directors): $1.05M
Total (Jan 2021 - Jan 2023): $1.051M
| Date | Reported DateTime | Symbol | Shares Traded | Average Price | Total Amount | Shares Owned | SEC Filing (View) | SEC Filing (PDF) |
|---|---|---|---|---|---|---|---|---|
| 2021-06-08 Sale | 2021-06-09 | AMC | 15,379 | $55.54 | $854,112 | 17,722 | View | |
| 2021-05-14 Sale | 2021-05-17 | AMC | 14,495 | $13.87 | $201,045 | 33,101 | View | |
| Transaction Summary | 29,874 | $1,055,158 | ||||||
Adam Jay Sussman (Board of Directors): $0.71M
Total (Jan 2021 - Jan 2023): $0.71M
| Date | Reported DateTime | Symbol | Shares Traded | Average Price | Total Amount | Shares Owned | SEC Filing (View) | SEC Filing (PDF) |
|---|---|---|---|---|---|---|---|---|
| 2021-06-09 Sale | 2021-06-09 4:25 pm | AMC | 13,677 | $52.19 | $713,802 | 17,722 (Direct) | View | |
| Transaction Summary | 13,677 | $713,802 | ||||||
Lader Philip (Board of Directors (Lead)): $0.7M
Total (Jan 2021 - Jan 2023): $0.7M
| Date | Reported DateTime | Symbol | Shares Traded | Average Price | Total Amount | Shares Owned | SEC Filing (View) | SEC Filing (PDF) |
|---|---|---|---|---|---|---|---|---|
| 2021-06-09 Sale | 2021-06-09 6:19 pm | AMC | 14,246 | $49.5357 | $705,686 | 17,722 (Direct) | View | |
| Transaction Summary | 14,246 | $705,686 | ||||||
Lee Wittlinger (Board of Directors): $0.26M
Total (Jan 2021 - Jan 2023): $0.26MNote: No profile picture on AMC Website
| Date | Reported DateTime | Symbol | Shares Traded | Average Price | Total Amount | Shares Owned | SEC Filing (View) | SEC Filing (PDF) |
|---|---|---|---|---|---|---|---|---|
| 2022-03-17 Sale | 2022-03-18 4:30 pm | AMC | 17,722 | $14.95 | $264,944 | 5,950 (Direct) | View | |
| Transaction Summary | 17,722 | $264,944 | ||||||
Koch Howard Winchel Jr (Board of Directors): $0.25M
Total (Jan 2021 - Jan 2023): $0.25M
| Date | Reported DateTime | Symbol | Shares Traded | Average Price | Total Amount | Shares Owned | SEC Filing (View) | SEC Filing (PDF) |
|---|---|---|---|---|---|---|---|---|
| 2022-03-16 Sale | 2023-08-21 5:07 pm (delayed reporting) | AMC | 17,722 | $14.509 | $257,128 | 16,644 (Direct) | View | |
| Transaction Summary | 17,722 | $257,128 | ||||||
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Executives with NO filings (Based on AMC Investors website between Jan 2021 to Sept 2023):
| Name | Position | Profile | Comments |
|---|---|---|---|
| Nikkole Denson-Randolph | SENIOR VICE PRESIDENT, CONTENT STRATEGY & INCLUSIVE PROGRAMMING/td> |
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| Jennifer Douglass | SENIOR VICE PRESIDENT US OPERATIONS |
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| Michael Hans | SENIOR VICE PRESIDENT, DOMESTIC DEVELOPMENT |
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| Derrick Leggett | SENIOR VICE PRESIDENT, INFORMATION TECHNOLOGY |
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| Mark Pearson | SENIOR VICE PRESIDENT & CHIEF STRATEGY OFFICER |
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| Cynthia Pierce | SENIOR VICE PRESIDENT DESIGN & CONSTRUCTION, FACILITIES, SIGHT & SOUND |
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| Brooks Rainer | SENIOR VICE PRESIDENT, GLOBAL TAX |
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| Mark Way | PRESIDENT, AMC EUROPE & MANAGING DIRECTOR, ODEON CINEMA GROUP |
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| Debbi Webber | SENIOR VICE PRESIDENT, FINANCE |
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| Ryan Wood | SENIOR VICE PRESIDENT & HEAD FILM BUYER |
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| Denise “Dee" Clark | Board of Directors |
|
No sale or buy. Only other filings. |
| Keri Putnam | Board of Directors |
|
No sale or buy. Only other filings. |
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Resources
Judge Zurn Document - July 21, 2023
Lawsuit court documents (still active and new document appear daily) - Judge Zurn
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