Replies to post #48706 on Hartcourt Companies (fka HRCT)

[Investorman]

I would never accuse you of being boring.

But you are operating through one false assumption. e*trade files the forms on behalf of their clients but they send them to the transfer agent who sends them to NASDAQ. The fact that NASDAQ received them shows that they did go through the transfer agent.

What would appear to be the most likely scenario is that the insiders requested e*trade to file the forms, and e*trade sent them to the tranfer agent who verified that the 1 year period was up and he sent them to NASDAQ without the knowledge that there was some type of agreement in place for those restricted shareholders not to sell for an additional year. The transfer agent probably notified HRCT of the 144's at the same time he sent them on to NASDAQ. When HRCT received the notification from the transfer agent they contacted the 144 filers to remind them of their agreement (or clarify whatever misconception existed) and either the 144 filers requested e*trade to amend and withdraw the 144's (in which case we will see an amended 144 filing) or they just agreed to let them expire in 90 days without selling. If that is the case then we will not know what happend for another 3 or 4 months.

As to the last, the transfer agent doesn't have to get permission from HRCT every time a 144 is filed. That is why he is called an "agent." He just has to verify that the conditions of the restriction have been met from the information he has on file.