To: Jim Cash who wrote (2923 ) 10/22/1999 8:46:00 PM From: mst2000 Respond to
Jim - Sadly, and predictably, it is not true. If you are a non-insider who is required to file a 144 (generally an individual or entity who received unregistered shares through a private placement or as payment for services), the filing of the 144 states your possible intention to sell within 90 days after the date of your filing. You then have a 90-day window within which the sale of your shares would be legal. If you fail to sell your shares in the 90-day window after filing the 144, the window closes. That's it. No filing is required. However, once the window is closed, in order to open it again, that is, in order sell the shares your original 144 related to, you must refile another 144 to open the window for another 90 days. As a result, the lack of 144s filed 90 days after a 144 was originally filed by an individual cannot be construed as proof that the individual who filed the 144 originally has sold. He or she may have, or may not have. However, it is fair to say that a person who files a 144 in May, who has not sold 90 days later in August, is likely to re-file assuming they still want the ability to trade dynamically. But likely is not the same as "must".
