GNCC Capital Inc (GNCP)

[Tgarfield2]

Thanks for bringing up that question with the illogic. If he was on the board he would limited selling converted shares by Rule 144.

Your logic below is flawed. Being on the board is not a requirement for being active. Being active does not mean your on the board. Being on the board might mean your active, but does not determine actively level. The evidence shows activity independent of the position. That is the reality.
Your narrative proven false I reference.

So unless he's on the board ,he's not all that active as being portrayed.

The quotes I previously posted show, even without 'the filing scandal', he is consulted or every move, decides the move, and is therefore in possession of material inside information. That fact alone makes him an affiliate if not an insider.
Being considered an insider or affiliate would limit the selling. Many of the companies holding preferreds are trusts run by him with overseas unknown beneficiary's. That information is what was added in the refiling of financials, GNCP was forced to do.

Trading Volume Formula.
If you are an affiliate, the number of equity securities you may sell during any three-month period cannot exceed the greater of 1% of the outstanding shares of the same class being sold, or if the class is listed on a stock exchange, the greater of 1% or the average reported weekly trading volume during the four weeks preceding the filing of a notice of sale on Form 144. Over-the-counter stocks, including those quoted on the OTC Bulletin Board and the Pink Sheets, can only be sold using the 1% measurement.