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Wednesday, August 26, 2009 11:36:06 AM
In order for shares to have the restriction legend removed the holder would have had to receive and transmitted to the TA an opinion letter allowing for the restriction to be lifted.
Here's a good explanation of this:
A Rule 144 seller must secure an opinion letter from the attorney for the issuer. This is because before a sale can take place, the transfer agent for the issuer must agree to remove the restrictions (and hence the restrictive legend) from the share certificate. The transfer agent will only agree to remove a restrictive legend if it receives a letter from the issuer’s counsel carefully presenting the legal argument why the shares are available for sale under Rule 144.
Don't allow the TA to tell you this. They do know the number of restricted shares and s/not have any problem giving it to you. GLTU
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