Wednesday, May 30, 2007 4:04:34 PM
example:
If I have 500,000 shares of rule 144 but wanted to sell 100,000 than I would get a written opinion from the company that the stock was held for at least one year. The opinion letter would go to corporate stock transfer they would release the 100,000 to my broker/account for sale. At that point I would have 90 days to sell the stock at whatever the market would bare. If I did not or choose not to sell the stock within the 90 days they would come back and the resriction would be placed back on. If the stock was held for two years I can apply to have the resriction taken off. If you are an insider you must always declare that you are selling no matter if the restriction/legend has been removed.
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