"If the sale is for $30 million, that's an extra $10 mil.(not bad for a day's work)"
Posted by: ctb
In reply to: None Date:7/18/2007 11:10:48 AM
Post #of 30402
OK - NO I have not sold any shares. Why would I? My average is under 2 and a half cents. LOL!
I just spoke with Charles Bitters - first time I've talked to him in a year or year and a half.
This is what he said...If the RS were to pass, then:
A) If he was to convert all of the shares, (and he could do it the day after the split - if he wanted to) - then they would become 144 restricted locked-up shares. The waiting period would be would be two years before he could sell any of them. TWO YEARS.
This is according to SEC rules dealing with members of any BOD, according to CB.
B) As an officer of a company and member of a BOD, he is then further restricted to selling no more than 1% every 90 days. So it would take 8 years or so.
He said to check the SEC rules governing what officers of companies and members of BODs are allowed to do.
I suggest others call him to verify this:
American Energy Production Inc.
Charles Bitters, 210-410-8158
www.americanenergyproduction.com
