You are correct, It is up to Tilton to remove the restriction, but it is up to the shareholder to start the process.
As for how can issuing them and failing to allow trading be legal? Welcome to the world of Stinky Pinkies.
The SEC says they wont get involved in these disputes, NSAV is incorporated in Colorado perhaps someone could contact the Colorado Division of Securities and see what their rights are.
Can the Securities Be Sold Publicly If the Conditions of Rule 144 Have Been Met? Even if you have met the conditions of Rule 144, you can't sell your restricted securities to the public until you've gotten the legend removed from the certificate. Only a transfer agent can remove a restrictive legend. But the transfer agent won't remove the legend unless you've obtained the consent of the issuer—usually in the form of an opinion letter from the issuer's counsel—that the restrictive legend can be removed. Unless this happens, the transfer agent doesn't have the authority to remove the legend and permit execution of the trade in the marketplace.
To begin the legend removal process, an investor should contact the company that issued the securities, or the transfer agent for the securities, to ask about the procedures for removing a legend. Removing the legend can be a complicated process requiring you to work with an attorney who specializes in securities law.
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