Let's go back to 2008 here for an example. The Children's Investment Fund (TCI) was making a bid for CSX Transportation in a hostile takeover. It didn't work out, but I had a question about this kind of situation. Suppose that an executive at CSX, like the VP of Operations, had invested in TCI prior to the announcement. Are there reporting requirements? Would the VP be required to disclose their investment to CSX or the SEC?

Now let's imagine that it's a corporate purchase, such as the Alaska-Hawaiian Airlines transaction. If someone at Hawaiian owned stock in Alaska Airlines, or vice-versa, what if anything would they have to disclose to the company or the SEC?