Replies to post #15687 on PAIVIS Corp (fka PAVC)

[tax_man]

A Friend, every broker is different, but I can tell you that Ameriturd says it takes 4-6 weeks to process forms to sell Rule 144 shares, the fee is $250 per form filing (in which you specify the total # of shares you intend to sell in that filing), you also need a legal statement authorizing you to sell the shares (from a bank, the company or an attorney or legal service, which can cost $500-$1000), and you must have the shares deposited into a margin-enabled brokerage account (and margin accounts typically require a minimum of $2,000 in equity to open, notwithstanding the anticipated value of your restricted shares).

Bottom line is you're going to have to contact your broker or find one if you don't have one already and email/call them to ask if they handle Rule 144 restricted stock sales and what their process to do so is.

Yes, it is complicated.

[Dallas66]

Friend, you are correct with your example. Read Tax man's post as he is right on the money. Another point to add, once you've filed the initial paperwork, the extension is also required to be filed BEFORE your 90 days are up or you have to start all over again. They do make it difficult, but knowing how to play the game before you start certainly makes the waiting more bearable. Also, I am unsure about the cost of an extension once the initial 144 paperwork has been filed. I also believe it was mentioned by someone earlier (Herbalife?)that the company will be covering the cost of the opinion letter from the attorney. Keep in mind as tam man said...not all brokers handle rule 144 shares, and the costs/time frame may vary widely amongst them.

[Reptile]

Is this accurate, 280,000 shares in the float?