If Steven Ross sold any there should be an 8k filed by him. Or by Shearing if he sold
At the time of the deal Cutler had 70,150,000, Flechner had 71,350,000. Justin acquired 69,500,000 from each of them to get his 139,000,000
So both Flechner and Cutler kept a little.
The 10-12 filed in 2018 showed the following owners of restricted shares
Flechner 71,350,000
Cutler 70,150,000
Shearing 4,779,487
Steven Ross 24,688,481
That totals 170,967,968
Outstanding count was 249,777,311, float was 36,445,300 meaning there were a total of 213,332,011 restricted shares. Other than the 4 people mentioned above, there were 42,364,043 restricted shares held by unnamed others. Former CFO Huge had some from years ago, as did former president Guillardelli.
I believe the shares that came off restriction were held by the unnamed "many of our other shareholders" as mentioned in the 7/18 form 10-12 as quoted below
"All of the outstanding shares of common stock held by our present officers, directors, and affiliate stockholders, many of our other shareholders, are "restricted securities" within the meaning of Rule 144. In order to comply with Rule 144(i)(2), the company would be required to (i) have file “Form 10 information” as a non-shell (commonly called a “Super 8-K”) and (ii) be current with its filings under the Exchange Act, and 12 months shall have elapsed since the filing of the “Form 10 information.”
The practical effect is that these restricted shares are essentially illiquid and are unable to be sold by such holders into any public market, unless and until the requirements set forth in Rule 144 (i)(2) as set forth above have been met. Brokers will not even allow the deposit of the shares, nor will the transfer agent allow the removal of the restrictive legend."
Those "many other shareholders" are unnamed. We don't know who owned shares came off restriction.
It's nice to have a lot of horsepower in the engine room but you need some in the wheelhouse too.
