Ref/Majo/et al....
I'm sure everyone has read the company's annual reports, which states that the CEO is paid zero cash, and therefore, in order to live, must sell shares in some quantity to support living requirements. Now I know that all of you would be willing to take on the responsibility and liability of a public company CEO and not be paid...right? I don't think so, but you sure can piss and moan about someone you don't know and have never walked in his shoes. However, I have a solution, get a group of shareholders, maybe 8 or 10 of you objectors, and contribute to a fund to pay the CEO a modest sum, let's say $5,000 to $6,000 a month, this way he won't have sell is stock. Now this won't impact the share price even fraction, but all you will feel better about the CEO...right?
Regarding the 4 million shares just registered, please go to the SEC and read Rule 144. If a control person (Officer or 10% owner) wishes to sell stock on the open market, they must first register the shares with a broker/dealer. The amount the seller can register per quarter must not exceed 1% of company's Issued and Outstanding shares. If these shares are not sold during that quarter, they then become restricted again and must be re-registered. Additionally, the CEO cannot trade online, so every share must move through the broker, meaning the process is somewhat cumbersome and can be expensive when you’re trading a one cent stock. Also consider that the company trading volume for the first quarter of this year was 22,222,059 and the average sales price was $.0011. At this price it would be difficult to sell an allotment of 4 million shares and I doubt this happened. But what about the other 18 or 20 million shares that sold, which one of you was blasting away at the bid and selling those shares. Probably none of you, but the person(s) doing it leads to conspiracy theory revolving around benefiting from low share prices and I guarantee you it’s not anyone in management.
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