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Merrill Lynch filed with the Securities and Exchange
Commission (SEC) a Form 144, Notice of Proposed Sale of
Securities Pursuant to Rule 144 under the Securities Act of 1933
(the Form 144)7, dated May 28, 1997. The Form 144 notified the
SEC of the possible sale of 1,100,000 shares of Solv-Ex common
stock acquired on account of a “Default of Margin Loan”, but
included a statement that “[p]ledgee intends to sell the number
of shares required to satisfy the indebtedness of pledgor.” The
Form 144 lists Merrill Lynch as the “person for whose account the
securities are to be sold” and Mr. Rendall as pledgor. Merrill
Lynch signed the Form 144 as pledgee.
From May 28 through June 4, 1997, Merrill Lynch sold 634,100
shares of the pledged Solv-Ex common stock in lots ranging from
2,000 to 40,000 shares and at prices ranging from $6 to $7.625 a
share. The total net sale proceeds from the sales of those
shares was $4,229,479. Mr. Rendall did not identify the specific
shares of Solv-Ex common stock pledged to Merrill Lynch that were
to be sold. At the end of June 1997, Merrill Lynch returned to
Mr. Rendall a single stock certificate, which comprised the
shares of the pledged Solv-Ex common stock not sold by Merrill
Lynch.
7 Rule 144 (17 C.F.R. sec. 230.144 (2006)) was promulgated
by the SEC.
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