Furthermore, all of the shares they received as well as those gifted to Ben Padnos are restricted and would require them to either be registered or file a Form 144 [the cheaper route] in order to announce their intention to sell their stock.
There is a one year holding period and the seller must comply with the following conditions:
- Adequate current public information concerning the issuer is available;
- The amount of stock which may be sold in anythree month period is limited;
- The stock is sold in a "brokers transaction" or directly to a dealer who is a market maker in the securities;
- Notice of the proposed sale on Form 144 is transmitted to the SEC and to the principal exchange (if any) on which the stock is listed;
- The holder transmitting the Notice has a bona fide intention to sell the securities referred to in the Notice within a reasonable time.
Is that better ??
I still say they won`t be selling their shares anytime soon !!
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