posted
Does any broker sell restricted shares after you have got the proper paper work, without having a margin account?
Posts: 2591 | From: ca. | Registered: Jul 2005
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posted
Maybe i asked the question wrong. Has anyone had any restricted shares and how did they sell them?
Posts: 2591 | From: ca. | Registered: Jul 2005
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posted
Basically, there's a time limit for said restriction, but still usually requiring some form or another to get 'em blessed, as I recall...then, if converted to common shares in something's that's trading, they're in your account and proceed as usual. What we see a lot of, however, is "divvies" that are restricted shares in some non-trading entity; once off restriction, you'd have to find some private deal, signing over your certs...
may not be fully accurate, but I think I'm close...
and, yeah, I got "junk divvies" gathering dust in my accounts...when they're too much hassle, I'll clean 'em out...someday
posted
Thanks Tex. I guess i never thought that there was so much involved. I called today on some restricted shares in my account and the broker told me after a year i could apply for a 144 sale, then they would sell them for me after 6 weeks. I would have to open a margin account to guarantee the stock, which they hold the restricted shares. I did not asked them how long i have to hold that margin account open. I called the trasfer agent and they gave me similiar answers, but not exactly the same. I can see why it would be easy to accumulate restricted shares in an account. I just assumed that restricted shares become unrestricted at some point and you just sell them. Welcome to the pennies iwishihad.
Posts: 2591 | From: ca. | Registered: Jul 2005
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posted
ya, 144...that's what I was thinking, but didn't wanna say without more confidence...
As we've seen, that's been an increasingly common "bait" with many of these f/s plays...I never play for restricted stock, just the f/s buzz... Not to say restricted stock could never be worthwhile, anytime...but usually not here in pennyland... my two cents'
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