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  4. GeckoSystems Intl. Corp. (GOSY) Message Board

NONE of Spencer's stock will be sold by any court.

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Post# of 2217
Posted On: 04/19/2013 8:01:04 AM
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Posted By: mech66

[b][i]NONE[/i] of Spencer's stock will be sold by any court... [/b]


The [b]IRREFUTABLE[/b] reasons why it [b]CANNOT[/b] happen are:



1. The proposed sale [b]VIOLATES[/b] Federal securities laws, specifically Rule 144 which governs the sale of all restricted stock, [b][u]REGARDLESS[/u][/b] of [b]WHO[/b] is doing the selling or the circumstances.


Further, Rule 144 [b]REQUIRES[/b] that [b]ONLY[/b] FINRA/SEC brokers execute [b]ANY[/b] and [b]ALL[/b] sales.


2. And Rule 144 prevents beneficial owners (those stockholders with more than 5% of the issued and outstanding) from selling more than 1% of the issued and outstanding in any 90 day period.


Spencer holds 25% plus, so no court can legally order selling more than 1% in any 90 day period.  That is only a few million shares!



[color=red][b]3. Federal law [u]ALWAYS[/u] trumps state law.[/b][/color]


Whenever state law conflicts with Federal law, FEDERAL [b]ALWAYS[/b] prevails and precludes enforcement of any and all state laws that conflict with Federal laws.


In conclusion, the Spencers will [b]NOT[/b] be losing majority control of GOSY [b]since their 51% ownership is in preferred GOSY shares[/b] is [b]NOT[/b] at risk in [b]ANY[/b] manner, or have [b]ANY[/b] of their common stock holdings sold, either.


facts are facts-


Mech




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