Island tours has been an Exchange Act reporting company since going public three years ago. Island tours recently sold an additional $ 5 million of common stock through a regulation D private placement to several accredited investors. In the private placement, Skipper, the CEO, purchased 100,000 shares at $10 per share and MaryAnn, an outside investor with no other affiliation with island tours, also purchased 100,000 shares. To raise additional capital, island tour sold an additional $5 million of common stock through a regulation D private placement six months after its public offering. Islands who are now has 10 million shares of common stock outstanding. Assume that the average weekly trading volume of island tours has consistently been around 125,000 shares at about $10 per share. Skipper purchased 100,000 shares in island tours recent private placement suppose that along with the shares in the private placement, skipper also purchased 100,000 unrestricted shares in the private capital market. Skipper now poses resell all 200,000 into market through unsolicited brokers transactions using backstreet financial. Can skipper sell his shares under rule 144 if he had broken his sale into three separate transactions of 70,000, 70,000 thousand and 60,000 share sizes in a two-month period?
