Someone please correct me if I'm wrong, but how did MRIB issue over 1 billion new shares in unregistered stock transactions since their last affirmation and legal opinion on SS? Second, how did MRIB get the legend removed on all of these shares without a legal opinion or does the transfer agent have such on file? Third, how did both restricted and control securities get into the open market and around Rule 144 and numerous restrictions? It is my understanding that any restricted shares which they must be as they were unregistered transactions, must be held for at least one year in the case of a non-reporting company/issuer, MRIB.
It's quite clear that of the shares issued in the last year few if any have been held more than a day or two after issue. And the removal of the legend at issue requires the exclusive permission of the issuer, MRIB in addition to a legal opinion confirming the exemption to Rule 144 for any certificate issued. This also means that Margrit and MRIB knew damn well that the shares were going to be dumped and she made it possible. Stories about Margrit thinking the shares would be held are absurd. What I see is a shoddily orchestrated stock scam that broke all the rules.
Maybe I'm missing something but I went back to review 144 and I don't see how any of the private tranactions meet any of the exemption criteria. Not without the help of a crooked attorney or transfer agent. There are also a number of other rules that appear to not have been followed. Obviously, just based on volume, Eco Investment dumped more than the maximum allowed of 1% of the O/S as did Bodie and others. Last and most applicable to Eco, where is their 144 filing for intent to sell which is required from any affiliate receiving shares in an unregistered transaction? We know MRIB and Eco not only have affiliate relationships with Eco but the shares most likely would be considered control securities as the MRIB and Eco have common board members.
Anybody have any answers?
P.s. It also looks to me the last opinion submitted on SS was a violation and legally actionable. The attorney affirmed that the O/S was 179 million when it was already close to double that.
