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Gold/Mining/Energy : Arcon Energy (MIDL Presently) The Ultimate Sleeper
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To: Kurt N who wrote (1795)5/31/1998 3:33:00 PM
From: Ga Bard   of 4142
 
Ok here is the rule established by the SEC ... (thanks Dusty you are fast girl)

Rule 144 Stock

SEC Rule 144 governs the sale of restricted securities in limited quantities and generally applies to the following:

Corporate Insiders Buyers of private placement securities not sold under SEC registration statement requirements. Corporate Insiders - Corporate insiders are officers, directors, or anyone else owning 10% or more of the outstanding company securities. Stock either aquired through compensation arrangements or open market purchases is considered restricted for as long as the insider is affiliated with the company.

Buyers of private placement securities - If the buyer has no management or major ownership interests in the company, the restricted status of the securities expires over a period of time. Under Rule 144, restricted securities may be sold to the public without full registration (registration is completed upon transfer of ownership) if the following conditions are met. The securities have been owned and fully paid for for at least two years, or upon the death of the owner. Current financial information must be made available to the buyer.
Companies that file 10K and 10Q reports with the SEC satisfy this requirement. The seller must file Form 144, "Notice of Proposed Sale of Securities," with the SEC no later than the first day of the sale. The filing is effective for 90 days. If the seller wishes to extend the selling period or sell additional securities, a new Form 144 is required.

The sale of the securities may not be advertised and no additional commissions can be paid. If the securities were owned for between two and three years, the volume of securities sold is limited to the greater of 1% of all outstanding shares, or the average weekly trading volume for the proceeding four weeks. If the shares have been owned for three years or more, no volume restrictions apply to non-insiders. Insiders are always subject to volume restrictions.

Now I know the internet and all really think they know the laws but if it is not in balck and white it does not exist. My accumulating shares and knowledge is exactly why I make gains.

hope this helps

GB
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