Last year, at least 31 insiders used ''collars'' and other hedging 
strategies to protect 85 million shares in their companies' stock. The stock 
price of many of those companies has since plummeted. If the collars had 
expired on Dec. 22, those executives would have avoided millions of dollars in 
losses.

                                      SHARES             LOSSES
INSIDER            COMPANY            COLLARED           AVOIDED

Paul Allen         Microsoft          76.15 million      $970.8 million
Halsey Minor       CNET Networks      1.55 million       22.0 million
William Sinclair   JDS Uniphase       260,000            20.1 million
Wylie Plummer      Semtech Corp.      100,000            2.3 million


DATA: CAMELBACK RESEARCH ALLIANCE; BW RESEARCH