investorcg: Yes, it's very unorthodox. I've never seen anyone do this before. According to Sterling, Glenn said what Urbie wants to do here is okay.
Urbie issued stock from the company to himself, and the stock became part of his own personal holdings. He can give his own shares to anyone he wants. Because Urbie's an insider, the recipient gets restricted stock even if it was previously free-trading.
Yeah this smacks big time (except of course for the recipients) and screws non-recipients. As for the legality here, I'll leave that for the attorneys to argue.
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