quote:Originally posted by kilerb: i don't want to touch it, i want it to make me eligible for being a daytrader.
That's what I'm hoping for as well. I was thinking along the same line as hurricane. I'm hoping the SNYY shares will allow me to become eligible to day trade.
When I read the rules, I didn't notice anything the said the shares couldn't be restricted. So I'm crossing my fingers that these divi shares will allow me to day trade.
Posts: 462 | From: FL | Registered: Oct 2003
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quote:Originally posted by kilerb: i don't want to touch it, i want it to make me eligible for being a daytrader.
That's what I'm hoping for as well. I was thinking along the same line as hurricane. I'm hoping the SNYY shares will allow me to become eligible to day trade.
When I read the rules, I didn't notice anything the said the shares couldn't be restricted. So I'm crossing my fingers that these divi shares will allow me to day trade.
posted
Just got off the phone with E*Trade... First off, one of those daytrades I did was removed so they took away that daytrading status which is good.
He then said that even if the SNYY hits, it doesn't count towards your daytrading total of $25,000 because it's not liquid. He said restricted shares don't count. So, if anyone knows this is wrong or something, post it... Because i've spoken with quite a few people at Etrade that did not know all the facts. I'd love to know for sure on this one. He seemed pretty intelligent though and quite confident that he was correct about this, so I'm leaning towards him being correct. Hurricane if you have any evidence stating that restricted shares do count towards your ability to daytrade, I'd love to see it.
posted
Max, the rules are you can't buy a stock and then sell it the very same day more than 4 times in a 5 business day period. For people that like to do that a lot, you need to have daytrader status. To do that, you have to have $25,000 in your account. If you do, you can buy and sell as many times as you want in a single day...
Posts: 1031 | Registered: Sep 2005
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posted
Am I reading this correctly? You can sell the restricted stocks in 2 years without ANY problems, INCLUDING the legend removal process?
quote:Originally posted by hurricanematt:
quote:Originally posted by CD's Money: bug, I believe it is one year from the pay date. But someone else please confirm.
Rule 144: Selling Restricted and Control Securities
When you acquire restricted securities or hold control securities, you must find an exemption from the SEC's registration requirements to sell them in the marketplace. Rule 144 allows public resale of restricted and control securities if a number of conditions are met. This overview tells you what you need to know about selling your restricted or control securities. It also describes how to have a restrictive legend removed.
What Are Restricted and Control Securities? Restricted securities are securities acquired in unregistered, private sales from the issuer or from an affiliate of the issuer. Investors typically receive restricted securities through private placement offerings, Regulation D offerings, employee stock benefit plans, as compensation for professional services, or in exchange for providing "seed money" or start-up capital to the company. Rule 144(a)(3) identifies what sales produce restricted securities.
Control securities are those held by an affiliate of the issuing company. An affiliate is a person, such as a director or large shareholder, in a relationship of control with the issuer. Control means the power to direct the management and policies of the company in question, whether through the ownership of voting securities, by contract, or otherwise. If you buy securities from a controlling person or "affiliate," you take restricted securities, even if they were not restricted in the affiliate's hands.
If you acquire restricted securities, you almost always will receive a certificate stamped with a "restricted" legend. The legend indicates that the securities may not be resold in the marketplace unless they are registered with the SEC or are exempt from the registration requirements. The certificates of control securities are usually not stamped with a legend.
What Are the Conditions of Rule 144? If you want to sell your restricted or control securities to the public, you can follow the conditions set forth in Rule 144. The rule is not the exclusive means for selling restricted or control securities, but provides a "safe harbor" exemption to sellers. The rule's five conditions are summarized below:
Holding Period. Before you may sell restricted securities in the marketplace, you must hold them for at least one year. The one-year period holding period begins when the securities were bought and fully paid for. The holding period only applies to restricted securities. Because securities acquired in the public market are not restricted, there is no holding period for an affiliate who purchases securities of the issuer in the marketplace. But an affiliate's resale is subject to the other conditions of the rule. Additional securities purchased from the issuer do not affect the holding period of previously purchased securities of the same class. If you purchased restricted securities from another non-affiliate, you can tack on that non-affiliate's holding period to your holding period. For gifts made by an affiliate, the holding period begins when the affiliate acquired the securities and not on the date of the gift. In the case of a stock option, such as one an employee receives, the holding period always begins as of the date the option is exercised and not the date it is granted.
Adequate Current Information. There must be adequate current information about the issuer of the securities before the sale can be made. This generally means the issuer has complied with the periodic reporting requirements of the Securities Exchange Act of 1934.
Trading Volume Formula. After the one-year holding period, the number of shares you may sell during any three-month period can't exceed the greater of 1% of the outstanding shares of the same class being sold, or if the class is listed on a stock exchange or quoted on Nasdaq, the greater of 1% or the average reported weekly trading volume during the four weeks preceding the filing a notice of the sale on Form 144. Over-the-counter stocks, including those quoted on the OTC Bulletin Board and the Pink Sheets, can only be sold using the 1% measurement.
Ordinary Brokerage Transactions. The sales must be handled in all respects as routine trading transactions, and brokers may not receive more than a normal commission. Neither the seller nor the broker can solicit orders to buy the securities.
Filing Notice With the SEC. At the time you place your order, you must file a notice with the SEC on Form 144 if the sale involves more than 500 shares or the aggregate dollar amount is greater than $10,000 in any three-month period. The sale must take place within three months of filing the Form and, if the securities have not been sold, you must file an amended notice.
If you are not an affiliate of the issuer and have held restricted securities for two years, you can sell them without regard to the above conditions.
Can the Securities Be Sold Publicly If the Conditions of Rule 144 Have Been Met? Even if you have met the conditions of Rule 144, you can't sell your restricted securities to the public until you've gotten the legend removed from the certificate. Only a transfer agent can remove a restrictive legend. But the transfer agent won't remove the legend unless you've obtained the consent of the issuer≈usually in the form of an opinion letter from the issuer's counsel≈that the restricted legend can be removed. Unless this happens, the transfer agent doesn't have the authority to remove the legend and execute the trade in the marketplace.
To begin the process, an investor should contact the company that issued the securities, or the transfer agent of the company's securities, to ask about the procedures for removing a legend. Since removing the legend can be a complicated process, if you're considering buying or selling a restricted security, it would be wise for you to consult an attorney who specializes in securities law.
What If a Dispute Arises Over Whether I Can Remove the Legend? If a dispute arises about whether a restricted legend can be removed, the SEC will not intervene. The removal of a legend is a matter solely in the discretion of the issuer of the securities. State law, not federal law, covers disputes about the removal of legends. Thus, the SEC will not take action in any decision or dispute about removing a restrictive legend.
posted
Cool. Are you with ScotTrade? If not, would you know if the same day trader status rules apply to ScotTrade as well?
quote:Originally posted by kilerb: Max, the rules are you can't buy a stock and then sell it the very same day more than 4 times in a 5 business day period. For people that like to do that a lot, you need to have daytrader status. To do that, you have to have $25,000 in your account. If you do, you can buy and sell as many times as you want in a single day...
posted
My understanding is that you must have a cash balance of $25,000 in your online account in order to execute the sale of a particular stock in a trading day more than 4 times in 5 days.
In other words, you couldn't buy BKMP and sell BKMP in the same day more than 4 times in 5 days. Again, this is how I understand it.
But, there's also a thing called "freeriding". Maybe somebody could give a good explanation of that...
-------------------- Do not boast about tomorrow, for you do not know what a day may bring forth -- Proverbs 27:1 Posts: 476 | From: East Texas | Registered: Dec 2005
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I'm reading the rules above for selling restricted stocks after 1 year. Looks like you still have to jump thru a lot of flaming hoops to sell them in 1 year. But if you wait for 2 years to sell, many of the obstacles disappear.
Posts: 882 | From: CA | Registered: Jan 2006
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posted
Oh Max, I picked up on the same thing after two years, but I'm waiting for another opinion.. which I'm sure is far better than mine. Oh.. welcome.
Posts: 234 | Registered: Jan 2006
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posted
[QUOTE]Originally posted by fishfarmer: [QB] Originally posted by fishfarmer: You've seenem come you've seenem go, you can jump in and you can jump out but if this co. gets anywhere near its potential we will be trading this stock for a long long time. --------------------------------------------------------------------------------
Gap tomorrow.
-------------------- Buy when blood runs in the streets Posts: 1370 | From: lucedale ms usa | Registered: Dec 2004
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-------------------- Do not boast about tomorrow, for you do not know what a day may bring forth -- Proverbs 27:1 Posts: 476 | From: East Texas | Registered: Dec 2005
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posted
Well just got back home. I see that BKMP closed .001. Glad as of right now that I was able to sell today at .0011. A lot of .001's coming in from 3PM on. Trying to buy back in at .0009. Will have to play tomorrow by ear. Maybe with no PR try to buy even lower. Man did GZFX get killed today or not. Closed .01.
Posts: 675 | Registered: Dec 2005
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posted
What does everyone think that this stock can honestly get too as for as pps. That is if they get multiple carriers in the U.S and everything goes as planned. Any thoughts?
-------------------- no rs Posts: 53 | From: Mobile | Registered: Jan 2006
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posted
Glad I sold today.....coming back but had to jump into ABTG full force.......hope nothing new comes out this week cause I may be holding for a 300% gain in ABTG.... GLTA
-------------------- EVERY Day ABOVE GROUND is a GREAT DAY!!! Posts: 2086 | From: Long Island New York | Registered: Aug 2004
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posted
moomula: What does everyone think that this stock can honestly get too as for as pps. That is if they get multiple carriers in the U.S and everything goes as planned. Any thoughts? -----------------------------------------------
I think with a O/S of approximately 4B shares. If they get what you say. Maybe .01 to .015. Also IMO if they do not get a good PR soon. We could be looking right at .0004/5 again.
But moomula nobody knows for sure about what might happen to a penny stocks PPS.
Posts: 675 | Registered: Dec 2005
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posted
The way I see it, as long as they don't reverse split again and they buy back the billion shares, I have no problem sitting on this like a mother hen.
Posts: 882 | From: CA | Registered: Jan 2006
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quote:Originally posted by Tape worm: I think with a O/S of approximately 4B shares. If they get what you say. Maybe .01 to .015. Also IMO if they do not get a good PR soon. We could be looking right at .0004/5 again.
But moomula nobody knows for sure about what might happen to a penny stocks PPS. [/QB]
Isn't it 2.5B O/S?
Posts: 882 | From: CA | Registered: Jan 2006
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posted
Question.....If it is 4 billion o/s and after they get multiple carriers, especially comcast and Dish network, would'nt the o/s be drastically reduced due to agressive share buying and the eventual 1 billion share buy back? Thus drastically, hopefully, increasing the pps?
Posts: 1178 | From: Mobile, AL | Registered: Aug 2005
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quote:Originally posted by Tape worm: I think with a O/S of approximately 4B shares. If they get what you say. Maybe .01 to .015. Also IMO if they do not get a good PR soon. We could be looking right at .0004/5 again.
But moomula nobody knows for sure about what might happen to a penny stocks PPS.
Isn't it 2.5B O/S? [/QB]
Yes the O/S is 2.5 Billion and the A/S is a 100B. To Sandy's credit though he could have placed the A/S into the O/S, shares have been retired since March to a level of 2.5 billion. Further, Sandy has stated that he will buy back another 1 billion shares over the next two years.
-------------------- All IMHO. Do not rely upon anything I post to base your financial decisions upon. Posts: 970 | From: Montana | Registered: Jul 2005
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-------------------- All IMHO. Do not rely upon anything I post to base your financial decisions upon. Posts: 970 | From: Montana | Registered: Jul 2005
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posted
Let me look into my crystal ball here.....hmmmmm looks like...yes...it looks like that by the end of this month...we..we will have a major cable carrier (comcast) advertising subscribtions for the....the FIGHT NETWORK! My crystal ball has'nt let me down yet!!! Posts: 1178 | From: Mobile, AL | Registered: Aug 2005
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-------------------- All IMHO. Do not rely upon anything I post to base your financial decisions upon. Posts: 970 | From: Montana | Registered: Jul 2005
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posted
Halarious Rasica.....LMAO Probably close to the truth...lol You dont mind if I borrow it for another thread do you?
Posts: 1178 | From: Mobile, AL | Registered: Aug 2005
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posted
This is the stock buy back program issued by the company in a PR. Notice the last sentence: suspended or discontinued at any time without prior notice.
-----------------------------------------------
The stock buyback program approved by the board authorizes the company to buy back up to one billion of the company's stock over the next two years. The specific timing and amount of repurchases will vary based on market conditions, securities law limitations and other factors. The repurchases will be made using First Canadian's cash resources, and the program may be suspended or discontinued at any time without prior notice.
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I know right now of two other companies saying they are going to try and do this. Funny how all are saying 1B shares. These other two are CWFG and JPHC. I know they are more but I am not going to go nuts trying to find them. I know of no company that has really done it down here at these levels. If someone does please let me know?
I once before threw out this 4B figure as the O/S and ask did any one disagree with it. No one said anything. Now we have one's who say it is 2.5B. I got this 4B figure from earlier post on this board.
Does any one have anything written from the CEO or T/A that says the O/S is 2.5B. Please do not try to tell me the CEO sent you and e-mail on it or he told you over the phone. Just give me facts so I can be right on which figure is right.
Are we all guessing. I think so.
Just trying to keep everything on the up and up and not let what now has happened to some in GZFX happen to people here. Some of you all are also in GZFX and look what that board has gone to. But the one's who tried to keep a honest judgment on it got bashed down.
For all: Please do not ever believe when one tells you that the CEO sent him an e-mail about the enter workings of the company or had a phone conversation with them about such. This little stuff has caused people a lot of money.
My final thought is that this company might do very well. But it might end up just like QBID. Who knows for sure. I myself will be playing this stock as it moves up and down. But I will not take anything in blind faith. As I have said I bought at .001 sold at .0011 and will buy back again at some price. I can make good money doing this as I am playing with a lot of money. It is very hard to do this with a little money. Also, I never ever will chase a stock again. If it goes up and I am out. I will wait until it comes back down or I will just move on to another stock.
Posts: 675 | Registered: Dec 2005
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