How Long Does It Take to Get a Restriction 144 Lifted ?
Question by nic43201: How long does it take to get a restriction 144 lifted ?
Ok, I have shares that have a restriction 144 on them. I have gone through the waiting period and instructed my broker to have the restriction lifted. I have filled out all the forms necessary, and was told that by the broker that their paralegal would handle it from here. As far as I know, all that is needed is approval by the issuer, a letter of opinion by their council and a new certificate. This has been going on for 2 months now, and my broker keeps telling me that they have not heard anything new from the paralegal as far as developments. I mean, should I not get updates on what is going on aside from…”when we hear from the paralegal..we will let you know”? How long can this take? And why do I feel as if there’s no sense of urgency in the process? I would think they’d be happy to make a commission, but it seems like this just sits on the back burner or something. Can anyone shed light on this for me please. Thanks.
Best answer:
Answer by dashel_gabelli
It depends on the brokerage firm – at the one I work it takes anywhere from 4 – 6 weeks. There are no updates – you are simply notified once it has been done. Yes, they are happy to make the commission, however, it is out of the hands (directly) of the brokerage – it is up to who they are using to lift the restriction – typically the bigger the brokerage the quicker it gets done..
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