The Saga Continues at Boston Scientific Corp.

When we posted on Nov. 12 about the flurry of margin calls at Boston Scientific Corp. (BSX), there was no way to know that the pace of involuntary stock sales would continue.

As a historical recap: Michelle noted in her post last week that company co-founders Peter Nicholas and John Abele sold off over 30 million shares of BSX stock last fall; they sold millions more shares of the stock earlier this year.

Fast forward to this month—. Between Nov. 5 and the evening of Nov. 12, Nicholas sold 750,000 shares of company stock involuntarily due to margin calls. (The sales are documented in two Form 4s, found here and here.)

But since last week, three more involuntary sales have occurred. On Nov. 13, this filing indicates that Nicholas sold 150,000 shares of BSX at $8.34. This Nov. 16 filing shows that another 150,000 shares were involuntarily sold for $8.29. And yesterday’s Form 4 documents the sale of another 205,482 shares of stock that sold for $8.25 to $8.32 per share.

All three filings state in an explanatory footnote: —The transactions reported on this Form 4 represent the involuntary sale of Boston Scientific common stock by an unaffiliated commercial bank. These shares were previously pledged by the reporting person to collateralize a loan for a limited partnership of which the reporting person is a general and limited partner.

Nicholas now owns just under 9.2 million shares of stock, with another 14.5+ million shares owned by a limited partnership and a family trust. But as Michelle concluded last week, —being forced to sell stock instead of doing so voluntarily can rarely be viewed as a positive thing.—¯ The stock is currently selling at $8.35 per share.