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Biotech / Medical : Biotime-Nasdaq's best kept secret? -- Ignore unavailable to you. Want to Upgrade?

To: Jim Roof who wrote (1021)	6/14/1998 6:05:00 PM
From: Stephen How	Read Replies (1) \| Respond to of 1432

Rule 144 exception for affiliates selling unrestricted securities. I was surprised to see in the Segall and Waitz 13D establishing the Montgomery Securities margin account (Sept 97) that under foreclosure, the BTIM shares could be sold without regard to the Rule 144 volume limitations. I understand that you may sell the Additional Securities without regard to the volume limitation under Rule 144 if you institute foreclosure proceedings against my account. Wow. I was surprised to learn of this mechanism bypassing the volume limitations of Rule 144. What other exemptions are made? Do the insiders/affiliates have to file a 13D upon sale in this foreclosure manner? Is foreclosure a result of a margin call if their heavily margined BTIM shares fall drastically in price? Further, Mont Sec may not even notify the margin account holder (from the customer agreement in the same 13D): Montgomery Securities is not obligated to request additional margin from you, and there may be circumstances where Montgomery Securities will liquidate securities and/or other property in your account without notice to you. I think the margin calls in those accounts could have already happened, especially if they were margined to their max at the peak. Steve btim.dyn.ml.org