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Strategies & Market Trends : Trader J's Inner Circle -- Ignore unavailable to you. Want to Upgrade?

To: LTK007 who wrote (14769)	5/19/1999 6:21:00 PM
From: EyeDrMike	Read Replies (1) \| Respond to of 56535

<< and so far no members of management have dumped stock--but there is heavy selling by non-management "insiders"->> Max, how do you know the non-insiders filing form 144s are selling? My understanding, and please correct me if i am wrong, is that the original people who were in on the private placement with ASTN must register their shares by using Form 144. Just because they have registered a Form 144 does not necessarily mean that anyone has sold, and also, the Form 144 gives the registered person 90 days to sell. "According to the Securities Exchange Act of 1933, securities must be registered with the SEC before being issued to the public. But the SEC isn't so anal in its mandate to protect individual investors not to realize that the gruesome burden of disclosure doesn't make sense all the time. There are numerous exemptions from registration that give companies the ability to issue small amounts of shares directly to somebody as part of a stock bonus, pension, or profit-sharing plan, or a private placement, among other reasons. Under Rule 144 of the Code of Federal Regulations, the people who receive these restricted securities also don't need to register them when they finally sell the shares in the open market. Rule 144 does hold up a few hoops for sellers of unregistered shares to jump through before they can unload, but the requirements generally make sure that the amount of shares is reasonably small, and that the seller isn't an underwriter. Criteria met, a person may file a Form 144 with the SEC giving notice of their intent to sell a specified number of unregistered shares within the next three months. The Form 144 does not commit the filer to sell the shares indicated on the Form within three months, but if they aren't, the Form 144 must be amended. " Mike