RULE 144, issuer counsel will not lift restriction!! What now?

Question

Ok so after 2 months I now get a response from my broker saying that the legal counsel for the issuer of stock will not write an opinion letter to remove the restriction because according to them the issue has not been public long enough for them to have enough history of performance and reporting to form an opinion. I don't know what the normal way of things are, but this seems to me like a lame excuse and irrelevant to the rules. I've upheld my end of the bargain by waiting 12+ months before doing this, and I think they should uphold their end as well, and not try to find ways to impede it. My question is...what can I do? If I go and get my own lawyer, will this solve the problem and they can't stand in the way? Or am just screwed? I believe they ultimately have the last word on this unfortunately, but I am not sure. I know that my broker or transfer agent can't do anything without this letter of opinion. Someone please help!!!!!!!! Thanks.

Answer 1

The market is deep and it is wide. You seem obsessed with a tree that is on the other side of the fence, the 'grass is greener' kind of thing. Either find another broker or find another of the thousands of publicly-traded companies that they will let you trade in. I know this: the market waits for no one, but fresh opportunites are minted daily.

Answer 2

Nic4... the saga continues!
Something doesn't seem right here. I've never heard of a restriction based on performance history, but I could be wrong. Usually its simply a time period like a year or 2, but in your case it seems like that clock may not start until the stock is trading publicly.
The fact here is that they have not given you all the details for you to have a complete understanding what is going on. Go back to your broker and find out exactly what the attorney decided. Do you know who the attorney is? Ask him for a complete explanation. Keep asking questions (nicely!) until you know what is going on.