Sunday, July 29, 2012 12:21:14 PM
BTW, this new Frank-Dodd requirement for an "opinion letter" in the last couple years is a real pain..........and a bonanza for the lawyers.
A restricted share holder has to pay at least $200-$350 for a lawyer to review all your submitted paper work regarding the "acquiring" of the restricted shares and forms stating one's "affiliation" or non-affiliate status relative to the company which then gets sent to the transfer agent, for the company, and unrestricted shares are then physically returned or you can have the shares "deposited" electronically at the transfer agent and DWAC (Deposit&Withdrawl At Custodian) conveyed to a broker who will accept them..................ugh......what a process.
One thing noticed in many SEC EDGAR filings is a non-affiliate third party investor will "buy" shares from the company which funds many "development stage" companies until revenue begins; which allows the non-affiliate to sell those shares after the 144 holding periods without having to file that selling intent with the SEC..........which is what caused much of the selling last week at XXXX.
The company or that non-affiliate investor mentioned in several of the funding tranch/share buying statements needed to cash out some shares.
I think the heavy selling is over ................
GLTA
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