ScripsAmerica Inc. (SCRCQ)

[coolerheadsprevail]

Anybody have any thoughts on when Bobby S can start dumping his 100K shares a week? Are his shares subject to a 6 month hold? Or does he have a chunk of free trading that he can work with?
Also, since he is not an officer, what will his overall trading restrictions be? Will he have to file Form 4's every time he sells? Doesn't he not own over 5%?

BS Schneiderman holds between 19M-20M shares. From my understanding of SEC regs, now that BS Schneiderman is no longer associated with SCRC, he is not required to file Form 4's. The only exception to this is if he engages in any buys/sells that would be categorized as "opposite way" transactions from any buys/sells he made over the past 6 months. From his Form 4 activity over the past 6 months, I do not see any transactions that would result in any buys/sells he makes over the next 6 months be considered to be "opposite way".

However, as a holder of more than 5% of the outstanding shares, I would imagine that if he sold enough to fall below the 5% threshold, that he would then be required to file an amended 13G to disclose this fact. But considering the 100k share per week limit, it will take a long time before he drops below 5%, so I wouldn't count on the absence of a 13G to conclude that he ISN'T dumping -- let's face it, there is no reason an outgoing exec wouldn't dump... ...not to mention the fact there IS a reason, after all, that the BOD and the company's legal counsel deemed it necessary to insert these restrictions upon him.