Ed,
<<Thanks for the post. I do have one question for you? Isn't 144 stock restricted ?? The reason that I ask is that my stock was 144 and it was restricted.
>>
Yes, 144 stock is restricted. Yo CAn sell it, but you hvae to fill out a 144 form (Hence the name "144 stock")
The form is a formality, but it notifies the SEC and the world that restricted stock has requested to be sold. ONce approved, and it takes an attorney's letter from teh company to say the stock CAN be sold, then there is a 90 day window to sell it.
IN the case of some stock that WAS restricted, it was sold back to Wilf, and WIlf then sold it to an investor without regard to the 144 status? I firmly believe that was an illegal move, if that truly happened.
For those that don't like that people pick on Wilf, it is becuse he does things wihtout regard for the LAWS. SO, IMHO< he DESERVES to get picked on.
Just like he said he was selling shares (At $0.008 per share) to put gas in teh boat, and then less than a week later announced selling off 50% of the company and doing a reverse split. The stock went down 50%. That too is VERY VERY VERY illegal in my opinion. AN insider is NOT ALLOWED to sell OR buy stock within certain timeframes of major (Called "material") news coming out. They have to hold where they are until the news hits. His defence was that he sold to an investor, not on the open market, but the SEC sayd NO sales can occur when the office (CEO) is about ot announce a major piece of news. And as for it going to an investor? ALL sales go to "an investor". Even the ones ont he open market. You and I and all the other people on this board are "investors".
I have written recently about how I believe WIlf is breaking the law. IN ways big enough to DESTORY this company. That if we DO hit TREASUR, we STILL will NOT survive. Because the LAWS have been broken, and the SEC will come AFTEr the company. Fine Wilf AND the company MILLIONS if they want. They aren't messing with us right now, but if we get some strength, I feel they WILL. Because of Wilf's lack of concern over laws and rules. And his FLAUNTING it, and trying ot use justification that makes is tound okay. "Loaning" restricted shres to someone so THEY can sell them is still not legal, IMO. Selling 144 stock to someone new, and not caring about hte 144 restriction? Nope, not legal IMO. Selling before you announce the company is almost BROKE? NOT LEGAL imo!!!!
WIlf, are you listening? I"m saying I think you are breaking the LAW. I don't crae if "I would do the same thing if i were CEO" as some have said here. They are NOT the CEO, and they would know the rules that say they CAN NOT do that if they WERE the CEO of a company. There are different rules for an insider than the public, whether people on a stupid board think so or not. And Wilf, you haev to follwo the SEC RULES< not what you "think" is "best". Even if it IS best, the laws sometimes don't allow it.
Anyway, I am not right now, and waiting. But, these are my opinions. WIlf is destroying us by treating this the way he WANDS< instead of the way the laws say he MUST. My thoughts. Hopefully some of what I hvae been told is inaccurate. Although he ADMITTED he was selling 4 days before he announced the comapny had no money left and needed a reverse split. that one will be TOUGH to get past!
Pray we do!
AI
