Four of today’s five actors did not own the shares they traded. An entity did.
This is not incidental plumbing. Read the ownership-form column across the week and the same structure appears in four unrelated jurisdictions:
| Person | Vehicle | Form | 10b5-1 |
|---|---|---|---|
| Steven Schuurman | CMXI B.V. (Dutch holdco) | Indirect | Not reported |
| Tor Olav Trøim | Drew Holdings Ltd. / Drew Trust | Indirect | Not reported |
| Slim family | Control Empresarial de Capitales S.A. de C.V. | Direct (by entity) | Not reported |
| Martine Rothblatt | Four family trusts + an options trust | Indirect | Adopted 07 Nov 2025 |
| Ryan Cohen | — none — | Direct | Not reported |
Two things follow. First, the vehicle does work the person cannot do: Trøim’s Drew Trust is described in the filing as non-discretionary with him as beneficiary — a deliberate choice to separate legal title from control. Schuurman’s footnote states he holds sole voting and dispositive power over CMXI’s shares while disclaiming beneficial ownership beyond his pecuniary interest. Rothblatt’s four trusts differ from one another in exactly who is trustee, who is settlor and who can revoke — which is the point of having four.
Second, and more useful: the plan box is empty almost everywhere. Only Rothblatt — the one case where the behaviour turned out to be fully mechanical — reports a 10b5-1 plan. The three largest discretionary actions of the week were all made by people who kept their discretion. The folk belief that big insider trades are pre-scheduled housekeeping is the opposite of what this tape shows, and it is why the plan checkbox is the first field worth reading on any Form 4.