Well, it really doesn't take much to solve this. I'm not going to bother noting/finding just who here whom I trusted stated that filing form 4 is the corporations responsibility, but he would seem to be quite wrong. At least, I find no sign what-so-ever that anyone other than the individual involved should file Form 4.
"Every director, officer or owner of more than ten percent of a class of equity securities registered under Section 12 of the '34 Act must file with the Commission a statement of ownership regarding such security. The initial filing is on Form 3 and changes are reported on Form 4. The Annual Statement of beneficial ownership of securities is on Form 5. The forms contain information on the reporting person's relationship to the company and on purchases and sales of such equity securities."
sec.gov
However, J.F., the story remains essentially the same. The 144 tells of intent to sell(Bush filed it in a timely fashion so far as I've seen anyone assert), and the form 4 is filed to show any change in ownership resulting from EITHER a buy OR a sell.
Unless I'm sorely mistaken once again, I believe such changes in ownership also must be reported by corporations in quarterlies, which probably is at root of the error reported here. Though it was indicated to be the case here, I highly doubt that Fox News would have stated any differently.
Raymond Duray says Bush said his lawyer screwed-up, and I can buy that that is the case(even if Raymond can't). The bottom line remains, the intent to sell was filed, the form 4 showing the actual sale was filed late. The SEC didn't find any intent to defraud in these simple facts, though Radical Left Wing sources surely always will, even if it doesn't really make much sense. So they filed form 4 late. They filed it, right? What benefit would you suppose was derived from the delay. I don't recall any theories on that particular question, not from from all the leftist posts on the subject. Maybe I missed something.
Pray, do tell.
Dan B |
