How do I remove a restriction on a restricted stock if the company was previously a shell company??

Question

I currently own 40,000 restricted shares of Big Apple Worldwide (BPWI) and I'm trying to get the restriction removed. I've tried using Rule 144 to remove the restriction, but unfortunely a law was passed in 2007 stating investors can not use Rule 144 to unrestrict a stock if your company was ever a shell company. I've contacted Etrade multiple times and talked to their senior financial brokers.. None so far have ever come across this problem so nobody really knows what I can do from here. Therefore, I thought I see if anybody on here can point me in another direction. Again, the reason why I can not use rule 144 is because my company was previously a shell company.... Is there anybody I can contact who can help me out. Any help would be greatly appreciated. Thank you

Answer 1

YOU can't.  Only the company can.

Answer 2

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Answer 3

The company has been barely trading for 3 months. You are stuck for at least  12 months if you have fully paid for these securities.

http://finance.yahoo.com/q?s=BPWI.PK

"Holding Period. Before you may sell restricted securities in the marketplace, you must hold them for at least one year. The one-year period holding period begins when the securities were bought and fully paid for. The holding period only applies to restricted securities."

http://www.sec.gov/investor/pubs/rule144...

"Even if you have met the conditions of Rule 144, you can't sell your restricted securities to the public until you've gotten the legend removed from the certificate. Only a transfer agent can remove a restrictive legend. But the transfer agent won't remove the legend unless you've obtained the consent of the issuer—usually in the form of an opinion letter from the issuer's counsel—that the restricted legend can be removed. Unless this happens, the transfer agent doesn't have the authority to remove the legend and execute the trade in the marketplace."

http://www.sec.gov/investor/pubs/rule144...