OK Jim,
now I know this is all going to get too complicated for you to follow. You're just going to have to trust me.
The rules for filing a Form 4 and a Form 144 are completely different and, indeed, unrelated. Any person holding restricted stock (e.g. the stock that Patrick received as consideration in the WinStar/Milliwave transaction in which WinStar bought Patrick and affiliates' 38 GHz licenses) must either resell such stock under an effective registration statement or an exemption from the registration requirements. Rule 144 is one such exemption, which allows persons that are not affiliated with the issuer to resell their restricted stock after holding such stock for at least one year. Patrick had received his restricted stock in January 1997. Thus in January 1998, no longer being a director of WCII (having resigned prior thereto), he was able to sell under Rule 144. The only requirement -- the person reselling his shares must file a
Form 144.
Anybody holding restricted shares and looking to sell under Rule 144, has to file a Form 144. The requirement to file a Form 144 has no relevance to whether the person selling is a director, officer, 10% holder, affiliate, etc.
Checkmate, now go home loser. |
