Replies to post #114401 on World Surveillance Group Inc (fka WSGI)

[coastiretired]

According to his 2008 Form 5, he only acquired 1,025,641 shares in 2008. The 10KSB for 2007 stated he held 1,851,111 shares (same as 2006 10KSB). The additional 1,025,641 shares he claims to have received in in 2008 equals the 2,876,752 shares reported as of March 31, 2009. http://www.sec.gov/Archives/edgar/data/919742/000114420409019795/xslF345X03/form59523_040909142453-.xml

The last time he reported on his ownership was January of 2006 when he held 811,320 derivative and 472,640 non-derivative shares. http://www.sec.gov/Archives/edgar/data/919742/000114420406002368/xslF345X02/v033745_ex.xml

Any transactions from 2007 were also supposed to be reported on his 2008 Form 5 as any transactions that may have occurred in 2007 were never reported and would have been considered delinquent.

The first Form 5 filing obligation shall include all holdings and transactions that should have been reported in each of the issuer's last two fiscal years but were not."
http://www.sec.gov/about/forms/form5data.pdf

Based on these filings, one would have to assume that Leinwand has only received 1,025,641 shares since 2006 and has not sold any shares since January of that year. Either someone is under reporting their insider transactions, or I guess he failed to pay himself his signing bonus.

[justfrank]

Could be a simple explanation, maybe as simple as postponing taking them until a more appropriate time. I don't think the transfer is an automatic or his entitlement to them expires.