Paco Integrated Energy Inc. (fka PACO)

[comon16]

I think that each broker is following some kind of internal rules for the reverse split. Fidelity said that on smaller stocks the client had to request that the shares be sent to the TA for processing. I did that and the shares(still restricted) after the reverse split adjustment are now in my account.

As far as getting the restriction removed, I think that this could turn out to be a mess. I have talked to the TA and to Fidelity. Also consulted the SEC website for restricted shares.
Below is my understanding. I may be completely wrong so do your own investigation.

One problem is that if you and your broker have some king of misunderstanding, the broker may allow you to sell the restricted shares but then the TA may reject the sale saying the shares are still restricted. Your broker might try to force you to buy the shares on the open market to present to the entity that you sold the original restricted shares to. I think that there was somebody on the board that had that problem. I don't know how it turned out.

Between six months and one year there are definite requirements for lifting the restriction for enough time to sell the shares. One requirement is current financial statements.

If PACO comes out with recognition of a "tack back" to the time that the shares were held as wwog shares then the shares might qualify as being held more than one year and then PACO could issue a blanket statement unrestricting all of the shares.