With SBC gulping AT&T without as much as a gulp, one could feel a tad sorry for some of the executives from the “old” Ma Bell who were shown the door by King Ed The First. For example, David Dorman, the former CEO of AT&T, whom we have always liked for being a bit of straight shooter. He got a $32 million pay out, for hitting the exit. As part of his agreement, he had early access to $17.7 million worth of options and shares which he would have received over the next several years, based on the $19.71 value assigned to AT&T’s shares in the SBC merger agreement.

Well, he is calling in his chips quick – data from Thomson Financial’s Insider Advisory shows that he has sold about 384,227 shares for about $9.53 million, or about $24.79 a share. Most of the sales were in the month of November. That’s a premium of about $5 per share from the deal-price. The stock closed today at about $24.63 a share. His share sales harbinger of things to come?