Subj: David Donnini, Synagro Director sells $98 million in stock  
Date: 6/28/2005 5:27:25 PM Central Daylight Time

It would seem Synagro Director Donnini is very nervous about the future
prospects of the company due to the sludge war brewing in Kern County,

BARON'S Online   
Tuesday, June 28, 2005


Insiders Cash Out of Two Health Stocks

Insider Tables:

INSIDERS AT Cardinal Health and Coventry Health Care have been exercising options and
selling shares of their companies.
Since the beginning of June, Robert Walter, CEO of Cardinal Health, sold 65,000 shares
for a total of $3.7 million. And George Fotiades, Cardinal's president and chief operating
officer, exercised options and sold the shares for $4.2 million.
Ronald Labrum, chief executive officer of the company's integrated provider solutions and
international divisions, has also exercised options on 47,310 shares and sold the shares
for $2.8 million.

Synagro Technologies D. Donnini DO $98,968,230 (24,227,229) ($4.09) June 21, 2005

One financial company investment executive put it this way.

Here's what I have found:   

1.  They just executed a pretty sizeable convertible bond execution and turned it
into equity.

2.  This guy did sell a 24 million share block through Rule 144 (there is no stated
reason as to why).  He is a director, not executive management

3.  There are several large mutual funds that own this stock (they include T Rowe
Price, Northern Trust and UBS ).   

Not withstanding all of that, for a company of this size, that's a huge stock sale.