Don't be so quick to assume. In law school in Australia (20+ years ago), they specifically covered this point: third-party/outsider could not legally trade on information that wasn't conceivably available to the wider public (there were more specifics, but that was the gist).
Buying puts inside the plane may very well contravene that law, because there's only a couple of hundred people who theoretically had access to that information. Once it was radioed back to ATC, then it's actually available to the public (irrespective of who is actually listening, much like your satellite imagery).
I'm not saying that's the law in the USA (or that it's still even the law in Australia), but "that's how the law should operate" isn't the same as "that's how the law does operate".
Buying puts inside the plane may very well contravene that law, because there's only a couple of hundred people who theoretically had access to that information. Once it was radioed back to ATC, then it's actually available to the public (irrespective of who is actually listening, much like your satellite imagery).
I'm not saying that's the law in the USA (or that it's still even the law in Australia), but "that's how the law should operate" isn't the same as "that's how the law does operate".