posted
Not so good - I spoke to Scottrade, they said that the symbol/price will not show up until the restriction per the company has been lifted. He said that the restriction will most commonly be 1 year but they can extend it if they want to when the one year comes up due. On the plus side he said that once the restriction is lifted Scottrade will give it the symbol/price and it will be able to be freely traded. I think the best thing to do at this point is to "forget about it" otherwise it's going to be a long 1 year.
Posts: 507 | From: Rochester, NY | Registered: May 2005
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posted
I emailed First American Stock Transfer, Inc. 706 East Bell Road, Suite 202 Phoenix, AZ 85022 Phone: (602)485-1346 Fax: (602)788-0423
This is the reply I got (just to add to the confusion): It did take place through Selcet American Stock Transfer. Your brokerage firm probably hasn't submitted for your shares yet
Salli A. Marinov
Posts: 8 | From: detroit | Registered: May 2006
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posted
I just dumped TWOG at market price. My gut tells me something isn't right. We'll see.....
Posts: 8 | From: detroit | Registered: May 2006
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posted
Symbol______Description_______________Acct Type Qty____Price__Market Value____Today's Change(s)*$
None__INTERNATIONAL ENERGY LTD COM RSTD___Cash 10000__N/A_______0.00___________0.00(0%)
And it looks like that's the way it will stay until the restiction is lifted. I would have like to have seen the $'s show up in my account value.
Posts: 507 | From: Rochester, NY | Registered: May 2005
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posted
Yup. I got 16k shares but my account shows no symbol or value. $12,000 of a stock I can't sell.
Posts: 798 | From: Malverne, NY, United States | Registered: Jan 2004
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I've tried calling their corporate offices to see about the restriction but get the damn voice mail
Posts: 798 | From: Malverne, NY, United States | Registered: Jan 2004
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posted
IMO it would have been nice had they mentioned these restrinctions at the time of their PR's! Considering the amount of money being played with here, I imagine there are a lot of ticked off investors.
Posts: 291 | From: Dundee, Oregon | Registered: Jan 2006
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posted
only 200 shares of ILGY traded today. They should change the symbol to UGLY. Anyone try to phone them?
Posts: 8 | From: detroit | Registered: May 2006
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posted
if you go to pinksheets dot com and look up TWOG, you will see that the 1 for 10 split was, indeed, for restricted shares of ILGY. When that info was posted, I don't know, but if I knew beforehand I would have stayed away. I don't like my money being used interest free!! ILGY doesn't answer or return phone calls. A new meaning to the term "Bull Market".
Mike out. Good Luck to all!
Posts: 8 | From: detroit | Registered: May 2006
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posted
well I got my money out of TWOG with a profit, so these dumb shares of ILGY are free shares.
Posts: 798 | From: Malverne, NY, United States | Registered: Jan 2004
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Securities and Exchange Commission rule that sets the conditions under which restricted, unregistered and control securities can be sold. These are the five conditions that must be met for these securities to be sold:
1. The prescribed holding period must be met. 2. There is an 'adequate' amount of current information available to the public regarding the historical performance of the security. 3. The amount to be sold is less than 1% of the shares outstanding and accounts for less than 1% of the average of the previous four weeks' trading volume. 4. All of the normal trading conditions that apply to any trade have been met. 5. If wishing to sell more than 500 shares or an amount worth more than $10,000, the seller must file a form with the SEC before the sale.
Brokers may sell restricted, unregistered and control securities, but on an 'agency' basis only. They may sell them, but can't solicit a buy order. If the seller is not associated with the company that issued the shares and has owned the securities for more than two years, the seller does not need to meet any of the five conditions and can sell the securities as they would any other.
Looks like 2 years.
Posts: 8 | From: detroit | Registered: May 2006
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However, the response (within an hour) came from Robert Needham with the return-address of: alaskaoil*mail.com (NOTE: in case that address appears on this post with an asterisk in the middle -- which it does when I "preview" it -- be advised that the asterisk should actually be the "at" symbol...)
He said: "The shares are restricted for one year, and your brokerage firm then simply files paperwork to facilitate any sale. Shares had to be restricted, to meet SEC rules."
And he also added -- no surprise -- "We are of the opinion that ILGY should be a superb return."
I don't know for sure if that part about the shares HAVING to be restricted (to meet SEC rules) is literally true, but at least this response does clarify the restriction-period -- which is more than I'd been able to find out elsewhere...
Posts: 1 | Registered: Apr 2006
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At least there was a response. There are many kinds of restrictions. I don't believe there is a SEC rule to restrict them for a year, but resticting them for a year sounds standard.
Those are free shares for me, lets hope they do something interesting at ILGY the next 11.75 months.
posted
What is to happen with TWOG? Is everyone giving up on it or does it still have a chance?
-------------------- Current penny stocks owned: PLNI, VWKM, AMHD. And yet none of them are moving anywhere.... Posts: 401 | From: Iowa | Registered: May 2005
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posted
Why is TWOG still being traded? 4Million shares today, which is small change ~$32K.
Posts: 1 | From: Wash, DC | Registered: May 2006
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quote:Originally posted by naps9600: Why is TWOG still being traded? 4Million shares today, which is small change ~$32K.
Is TWOG not going to be traded anymore?
If not, what will happen to the peeps' shares who have been buying this?
-------------------- Current penny stocks owned: PLNI, VWKM, AMHD. And yet none of them are moving anywhere.... Posts: 401 | From: Iowa | Registered: May 2005
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posted
TWOG is now a shell. The stock will continue to trade. Until they find someone who wants to da a reverse merger there will be no business. There are many shells that trade on the Pink sheets.
Posts: 3255 | From: Los Angeles California | Registered: Jan 2006
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-------------------- Current penny stocks owned: PLNI, VWKM, AMHD. And yet none of them are moving anywhere.... Posts: 401 | From: Iowa | Registered: May 2005
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