Auric - First - I have a client and friend who was a mid to upper level employee of a fairly large publicly traded company who left the company about 3-4 months ago and filed a Form 144 when he did -- he has not sold his stock yet (the price is not where he wants and expects it to be) and he recently whined to me that he now has to file another 144 to update the first one. And I know stockholders of ATG who filed 144's on their ATG private placement stock who have not yet sold. So your statement that 144's are ALWAYS filed AFTER a sale is just flat out wrong - another example of an Auric generalization which is simply untrue. What is usually (and I underscore usually) true is that true insiders (officers, directors, employees) often file their 144's and their form 4's together, as or just after a sale is made, for obvious reasons. Of course, 90% of the 144's file for ATG are not true insiders, but individual or corporate investors or vendors who happened to receive restricted stock. What is especially interesting to me is that I have seen very few form 4's referenced in any of these "insider trading" charts you have posted (or I have looked at), and my understanding of the law is that anybody who files a 144 MUST file a form 4 when the "planned sale" is completed. With all due respect, it appears that you are the one that does not "geddit".
BTW, my so-called "junior college night law law school" was Georgetown University, which, though not Harvard or Yale, is no junior college (I don't suppose the "cum laude" on my degree is meaningful to you either) - and I am a commercial real estate transactional lawyer, not an ambulance chaser or a divorce lawyer. Just to set the record straight, you insulting . . . . know nothing.
Lastly, you could use a few remedial "law" classes - your mastery of the securities laws leads a lot to be desired. I think common etiquette is another area where you might want to consider remedial lessons.
MST |
