RegAlert2002-06-14
Added · Updated
SEC Division of Corporation Finance no-action letter: General Maritime Corp.
The Division of Corporation Finance concurred that the Rule 144 holding period for shares of General Maritime Corporation common stock issued in exchange for acquired businesses commenced on the respective closing dates of those acquisitions. This determination applies to shares held in Indemnity, Collar, and Purchase Price escrow accounts, as well as shares subject to Collar and Purchase Price Adjustments, because the Exchanging Parties delivered all required consideration and assumed the risk of economic loss at closing. The Division noted that different facts or conditions might require a different conclusion.
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Securities Act of 1933 — Rule 144
June 14, 2002
No Action, Interpretive and/or Exemptive Letter:
Response of the Office of Chief Counsel Division of Corporation Finance
Re:
General Maritime Corporation Incoming letter dated June 14, 2002
Based on the facts in your letter, the Division concurs in your view that, for purposes of Rule 144 under the Securities Act of 1933, the holding period for the shares of common stock issued in the transactions described in your letter commenced on the respective closing dates for each acquisition.
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