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Pershing Gold Corporation Message Board

  • helpme_hanna helpme_hanna Apr 6, 2013 9:51 PM Flag

    A few questions, if anybody knows

    1. Do we have to do anything at all to get our shares unrestricted, or will it just happen?
    2. Is the phone number of Mohit Bhansali, the guy who takes care of this stuff, (917) 259-6747?
    3. Is there any danger of our shares lapsing or falling through the cracks if we just leave things alone?
    4. In the event of a buyout of Pershing by somebody else, would our restricted shares be converted into shares of the takeover company, if the buyout was for cash? If so, would they be restricted in the new company?
    5. If Pershing were purchased for cash, would our restricted shares be cashed out?
    6. How much longer can we expect to have our shares restricted?

    Perhaps I will have to dig out the above from this guy Mohit or somebody else. I would, though, like whatever information or even speculation anybody here can provide.

    Thanks a lot.

    So helpme_hanna

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    • I'll try to answer in sequence 1. All you need to do is contact your broker and have him call mohit, but you must initiate this. 2. Yes that is his tel # he is the crgc swap agent and PGLC now lists him on website (inv. relations- FAQ section) 3. No danger of time lapsing or losing shares however the danger of stock price drop without being able to make a timely trade is real( IMHO I believe this to be unlikely) 4. This would depend on the buyout agreement between companies 5. Yes we get the cash. 6. Until you call your broker have him call mohit and sell some shares( a few shares or all it doesnt matter how many this lifts the red ink stamp and all your shares are lifted from restriction) Your broker may charge fee (you may be able to negotiate) but this is a one time fee for all your resticted shares. Hope this helps.

      Sentiment: Strong Buy

    • Here is my question:
      Both CRGC and PGLC were listed and had stock trading. Why are they imposing Rule 144 on all of the stock in the first place. If both companies are tarding why does 144 apply?
      Second read the Prospectus under Distribution and tell me it was not misleading. If they wanted to make it clear they would have said simply "Rule 144 applies".
      My confidence in Alfers and Honig (the management) is as low as it can go.
      It seems they are more concerned with their stock based management incentives than taking resonable care of the ordinary shareholders.

      • 2 Replies to maxkonaet
      • The rep at TD Ameritrade told me that they are getting a lot of inquiries, and he said the way this was done was unusual. I am really in no hurry to sell my shares, because I believe gold is close to the bottom, and when it does it's reversal, this stock is going to go up with it even before they have started pulling any gold out of the ground. I just don't like the fact that this was done as a way to keep shareholders from selling. When management misleads it's shareholders, I lose a lot of faith in management. So I am communicating with Ameritrade regularly, and when they finally can tell me in detail what must be done to remove the restriction, I plan to do it. I still won't sell, but I want to be able to if I choose to.

      • You are right Max it does appear misleading (they cover themselves with a "may" on pg. 11 or 12 S-1/A) and it is irritating to stumble upon it after the fact. Let us not forget this is a small closely held and steered corp. and many like it dont put all the cards on the table where they are easy to see. They do this for a edge on competition, the care and nurturing of insiders and many other reasons. This was done mainly for protection of share price for shareholders and to shelter some tax events that may have occured for the major investors (they have more time flexibility declaring their capital gains and such I think) . They are at the reins and do what is best for their portfolios, many of us have hopped on PGLC sled because of them and their insights so we are all just along for the ride. Hold tight these rides are exciting but I dont think we will be steered wrong. Opportunity may be right around the bend and I feel lucky. Good luck also Max

    • I made an error in my question 4. I wanted to know if Pershing stock would be traded for restricted stock of a takeover company, in case of a takeover where the acquirer paid for Pershing in company stock.

      So helpme_hanna

4.37+0.03(+0.69%)Aug 28 4:00 PMEDT