Posted by: 14thPGA
In reply to: jimtash who wrote msg# 1307 Date:7/30/2007 10:51:26 AM
Post #of 1339
Well, I'm no expert on restricted shares, BUT, my experience so far has been a nightmare! A veteran penny stock trader since 1980, I have many! If you read the PAVC board, you will understand.
Firstly, you can absolutely sell your TEXG shares after the date of record of ownership (whenever that is), and your restricted shares should appear in your account. They would appear as a #00000000, not as a symbol, and no value will be assigned to them UNTIL the restriction is lifted. Depends on how long they are restricted also, but in any case you can't sell them until you complete Rule 144 with your broker (fee for $150 with Etrade to do this), and then you have to get a letter of authorization or something from the company (PAVC is charging $300.00 atty fees for this sweet feature, and you MUST use their attorney. You can't get an outside attorney to do it!!).
I got my PAVC restricted shares from my ownership of JPHC. It's not worth the money to go to all the trouble to do what I have to do to sell them!! PLUS, there was a reverse split, AND my restricted shares had to go through that also! BEWARE of things that sound to good to be true!
Again, I am no expert. This is just my experience. Most of my restricted shares have become worthless and all they do is clutter up my account. GLTU!
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