Reference no: EM133061504
Hansel and Myrtle have been dating for a couple of months. Hansel is an executive at Bica Ltd. Bica Ltd has always been in the oil business, but more recently has decided to make the move to a more green solution and has started investing in Biofuel. In fact they are in the middle of negotiating a huge biofuel deal with OilTech which could mean big things for Bica Ltd and by extension for Hansel.
Myrtle does not really know much about the oil or biofuel industry, all she knows is that on Friday Hansel will have his big meeting to seal the deal. She knows it is very important to him and she hopes it goes well.
On Friday Myrtle decides to go out to lunch with Penny to try and not think about the big business deal that is unfolding. Penny can tell that Myrtle is distracted at lunch and when she inquires what is on her mind, Myrtle tells Penny all about Hansel's meeting. When Penny inquires further, Myrtle says Hansel's company is about to sign an important deal concerning biofuels.
What Myrtle doesn't know is that Penny's father is heavily invested in the oil industry, in fact Penny's father is heavily invested in BITOil Ltd who is Bica Ltd's number one competitor.
Penny excuses herself from lunch and goes outside to make a phone call. Penny calls her father and tips him off on the big biofuel deal. Penny's father, Barnie, sells off his shares in BITOil immediately, worth $400,000 and purchases $100,0000 worth of shares in Bica Ltd.
Advise Hansel, Myrtle, Penny and Barnie as to their possible liabilities in relation to their discussions and activities concerning Bica Ltd.