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Friday, November 10, 2017 4:26:40 PM
Instead, the shares dumped into the market over the last two weeks were dilution from 12+ months ago.
The only way around the 12 month waiting period per Rule 144 is if the financiers gets a lawyer to write an opinion letter that claims one of the allowable exceptions to Rule 144.
It is possible that was done, but when one is gaining between 100% and 300% profit like the toxic financiers are, it is not a very big deal to wait the 12 months and stay below the radar of the SEC. At least, that is true if the CEO of the company who accepted the financing is doing an acceptable job of building hype to increase volume when the 12 months has passed.
Financiers holding stock with zero volume and no bid get cranky like everyone else. This is likely why Adrian was going to file for Chapter 11 bankruptcy protection. It would have zeroed out any claim the financiers would have had that may have threatened Adrian's continued control of the corporation.
Now that Adrian has discovered the latest hot con topic, he does not have to resort to a bankruptcy filing because the financiers have been able to dump shares at an insane rate.
There is still no way to know if the dumping is done or we will see more on Monday. I suspect there is another 5-7 billion shares before all that is left are shares that are still restricted because their Rule 144 12 month period has not lapsed yet. We know that a couple of billion should still be restricted because Adrian just created that level of dilution during the last couple of weeks.
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