Nobody sold in their own name — and that is why every percentage you read this week was wrong
Four of the four largest person-level sellers in the window transacted through, or hold through, an entity layer rather than in their own name:
| Person | Vehicles on the filing |
|---|---|
| Travis Boersma | DM Trust Aggregator, LLC · DM Individual Aggregator, LLC |
| Toby Neugebauer | Melissa A. Neugebauer 2020 Trust · Vicksburg Investments Management LLC |
| Trina Spear | Catherine Spear Revocable Trust · Hollywood Capital Partners LLC |
| Ronda Stryker | Revocable Trust · L. Lee Stryker Trust · 1988 William D. Johnston Trust · family foundation |
The consequence is the week's most practical finding. Because Form 4 reports holdings per entity line, every "stake cut X%" or "sold $Y" figure computed straight off a Form 4 is computed against a denominator the insider chose for estate reasons — not against their position. This week it produced three errors, all in the same direction:
| Person | Reported | Actual | Error | Mechanism |
|---|---|---|---|---|
| Ronda Stryker | "stake cut 24%" | ≈3.6% of position | 6.7× | one trust line used as the denominator |
| Trina Spear | "$177.9m disposal" | $79.7m cash sale | 2.2× | tax-withheld shares counted as sold |
| Travis Boersma | "$213m sold" | $106.4m | 2.0× | person line + entity lines summed, same shares twice |
All three overstate. None involves a disputed fact — the filings are correct and complete; the denominator or the aggregation is what fails. This is the failure mode to assume whenever an insider-selling headline carries a percentage, and it is why the only number worth quoting from a Form 4 is a raw share count with its entity named.