I'll try again. Mrs. Foley receiving 30 millio
Post# of 96879
(Total Views: 237)
Posted On: 03/27/2017 2:24:49 PM
I'll try again.
Mrs. Foley receiving 30 million restricted shares (that would I presume were later converted to common stock since, according to OTCmarkets.com, there are only 679,409 restricted shares as of March 7th, 2017) would require her to file a Schedule 13D with the SEC since it is way more than 5% of a class of equity securities. This scenario is not applicable now since NTEK is a Form 15 filing company. With roughly 150,000,000 shares outstanding, she owns about 20% of the company's common stock IF she has actually 1). converted and 2). held her common shares.
This is more in reference to Mike's question about the hypothetical situation that NTEK was an actual FILING company. In that hypothetical situation, she would have to report to the SEC her holdings totaling about 20% of the company's outstanding shares, assuming the exchange rate is 1 common stock for 1 restricted stock.
http://www.investmentfundlawblog.com/resource...d-company/
https://www.otcmarkets.com/stock/NTEK/profile
Why is this important?
Speculation: It would indicate better results are just over the horizon...or not. That's why I think it is important to ask. If she has held on to her common shares, I think that would be a great positive for the company.
And I think we should have some sort of indication, considering how many hurdles we have had to overcome over the years (with Foley going to jail, Riordan’s endless dilution and golf games every day by a certain individual using money provided by shareholders via dilution). I don't want to remain disgruntled and I would think most of us feel the same way.
A simple statement from the company as 'Jeff Foley currently holds 500,000 shares at an average post-RS price of .50' can go a long way at healing understandably frustrated shareholders. Of course, at the same time, they are NOT obligated to do so.
But if the company wanted to provide some sort of optimism not dependent on future potentialities such as institutional investors and A-List content deals, filing a Form 4 buying securities on the open market or stating that 'Jeff Foley has sold none or very few of his shares' would do it for me.
Mrs. Foley receiving 30 million restricted shares (that would I presume were later converted to common stock since, according to OTCmarkets.com, there are only 679,409 restricted shares as of March 7th, 2017) would require her to file a Schedule 13D with the SEC since it is way more than 5% of a class of equity securities. This scenario is not applicable now since NTEK is a Form 15 filing company. With roughly 150,000,000 shares outstanding, she owns about 20% of the company's common stock IF she has actually 1). converted and 2). held her common shares.
This is more in reference to Mike's question about the hypothetical situation that NTEK was an actual FILING company. In that hypothetical situation, she would have to report to the SEC her holdings totaling about 20% of the company's outstanding shares, assuming the exchange rate is 1 common stock for 1 restricted stock.
http://www.investmentfundlawblog.com/resource...d-company/
https://www.otcmarkets.com/stock/NTEK/profile
Why is this important?
Speculation: It would indicate better results are just over the horizon...or not. That's why I think it is important to ask. If she has held on to her common shares, I think that would be a great positive for the company.
And I think we should have some sort of indication, considering how many hurdles we have had to overcome over the years (with Foley going to jail, Riordan’s endless dilution and golf games every day by a certain individual using money provided by shareholders via dilution). I don't want to remain disgruntled and I would think most of us feel the same way.
A simple statement from the company as 'Jeff Foley currently holds 500,000 shares at an average post-RS price of .50' can go a long way at healing understandably frustrated shareholders. Of course, at the same time, they are NOT obligated to do so.
But if the company wanted to provide some sort of optimism not dependent on future potentialities such as institutional investors and A-List content deals, filing a Form 4 buying securities on the open market or stating that 'Jeff Foley has sold none or very few of his shares' would do it for me.
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