The LeBron James Insider Trading Hypothetical

Here’s an interesting question floating around the Internet today:

Assume that LeBron James knows that when he becomes a free agent on July 1, 2010, he intends to sign with the New York Knicks. Would it be insider trading if between today and July 1, James started buying stock in publicly-traded Madison Square Garden, Inc. knowing that MSG stock would likely surge on the news of his signing? Full details are available in this post on my Enforcement Action blog over at Compliance Week.