How long does it take to get a restriction 144 lifted ?

Question

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.

Answer 1

In most cases it's the attorney who is supplying the "Opinion of Counsel" who is dragging their feet. You might know who that person is, give them a call to find out what is going on.
Other times it can be the transfer agent. Maybe they didn't like the opinion provided and have asked for another.
You might be able to check with the transfer agent as well since the stock is probably still registered in your name.
Keep in mind getting this restriction lifted is costly in time and money and the broker is probably losing in the long run even after commissions. Some brokers will charge you for this legwork.
That said keep calling every couple of days. Ask if you can have some names of people to call to move it along. However know that 2 months is not too long for this.

Answer 2

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..