World Surveillance Group Inc (fka WSGI)

[Jetmek_03052]

Warpcore, those rules were changed by Sarbanes- Oxley. Here is a link to the current reporting rules for executives/ officers. Following that link is the paragraph outlining when they must file. The first paragraph says it all. READ IT.

These guys were given actual shares for employment or certain conditions. It's documented right there in the 8K's. You can make all the excuses you want. You can question why I am here as a non-owner of the stock. ALL that crap doesn't matter.

These officers aren't compying with the SEC regs. It's as plain as plain can be.

You can whine all day about why I am bringing this up. It JUST DOESN'T MATTER TO ME. Put me on iggy. Good. One less long for me to deal with.



I. Executive Summary and Background
Section 169 applies to every person who is the beneficial owner of more than 10% of any class of equity security registered under Section 12 of the Exchange Act,10 and each officer and director (collectively, "reporting persons" or "insiders") of the issuer of such security. Upon becoming a reporting person, or upon the Section 12 registration of that security, Section 16(a) 11 requires a reporting person to file an initial report with the Commission disclosing his or her beneficial ownership of all equity securities of the issuer.12 To keep this information current, Section 16(a) also requires reporting persons to report changes in such ownership, or the purchase or sale of a security-based swap agreement13 involving such equity security. Previously, Section 16(a) provided for such transactions to be reported on a monthly basis within 10 days after the close of each calendar month in which such a change in ownership or purchase or sale of a security-based swap agreement occurs.

On July 30, 2002, the Sarbanes-Oxley Act of 2002 (the "Act")14 was enacted. Section 403(a) of the Act amends Section 16(a) to require reports of such a change in ownership or purchase or sale of a security-based swap agreement "before the end of the second business day following the day on which the subject transaction has been executed, or at such other time as the Commission shall establish, by rule, in any case in which the Commission determines that such 2-day period is not feasible."15

Section 403(b) of the Act provides that this amendment becomes effective 30 days after the date of enactment. That effective date is August 29, 2002. Thus, reporting persons will be required to report all transactions subject to Section 16(a) for which the date of execution (trade date) is on or after August 29, 2002 on Form 4 in accordance with the amended two-business day deadline,16 except where the rules under Section 16(a) provide otherwise.

On August 6, 2002, we announced that we anticipated adopting final rules to implement the new accelerated reporting deadline, effective no later than the August 29, 2002 effective date of the Section 16(a) amendments.17 The final rules that we adopt today accomplish the following:

Amend the Section 16(a) forms to conform all references to the Form 4 filing deadline to the amended statutory filing deadline and to reflect that Form 4 is no longer a monthly form.

Amend Rule 16a-6(b), the small acquisitions rule, to conform the description of the Form 4 deadline contained in that rule to the amended statutory filing deadline.

Amend Rules 16a-3(f) and 16a-6(a) so that transactions between officers or directors and the issuer exempted from Section 16(b)18 short-swing profit recovery by Rule 16b-319 previously reportable on an annual basis on Form 520 will be required to be reported within two business days on Form 4.

Amend Rule 16a-3(g) to calculate the two-business day Form 4 due date differently for the following transactions, for which we have determined that the amended Section 16(a) statutory reporting period is otherwise not feasible:21

Transactions pursuant to arrangements that satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c)22 where the reporting person does not select the date of execution; and

Discretionary Transactions pursuant to employee benefit plans where the reporting person does not select the date of execution. 23
We are not adopting any rules to calculate the Form 4 filing deadline differently based on non-feasibility for any other categories of transactions.24 The amendments we adopt today will apply to transactions that occur on or after August 29, 2002. Transactions previously reportable on Form 5 that are not covered by the Rule 16a-3(f) amendments will remain reportable on Form 5 to the same extent as before, and transactions previously exempt from Section 16(a) reporting will remain exempt. An insider's failure to timely file a Section 16(a) report will remain subject to the company's disclosure obligation, 25 which we are not amending.

http://www.sec.gov/rules/final/34-46421.htm