Bourque Industries Inc (BORK)

[Flatcat]

Please provide a link to the SEC requirement for an amendment. I did not find any reference to an amendment requirement in the SEC ACT.

What I did find was a reference to required action on Rule 144 filings. We have seen the appearance of Berry filing for the same number of shares each 90 days. She may have a problem although I don't think anyone is going to enforce it.

Copied from SEC.gov.

"(2) The Form 144 shall be signed by the person for whose account the securities are to be sold and shall be transmitted for filing concurrently with either the placing with a broker of an order to execute a sale of securities in reliance upon this rule or the execution directly with a market maker of such a sale. Neither the filing of such notice nor the failure of the Commission to comment on such notice shall be deemed to preclude the Commission from taking any action that it deems necessary or appropriate with respect to the sale of the securities referred to in such notice. The person filing the notice required by this paragraph shall have a bona fide intention to sell the securities referred to in the notice within a reasonable time after the filing of such notice."

The "concurrence" seems odd in that the SEC permits up to 90 days for the sale! The last sentence is a potential problem for Berry if she is registering the same stock each 90 days and does not have an intent to sell within a reasonable time after the filing. I think this was included in the rules so investors can tally filed 144s and determine how much insider stock is actually sold. Berry's apparent refiling of the same stock each 90 days is not following the rule. If Berry and others are refiling the same stock we have no way of knowing how much has been sold by insiders except as what might be noted on quarterly filings, if and when filed.