First Mariner (FMAR) has successfully lobbied a bankruptcy court judge to approve a request that will make it difficult for the Baltimore company’s former chief executive to sell his stock.

Judge David Rice of the U.S. Bankruptcy Court District of Maryland approved First Mariner's temporary motion requiring large shareholders to notify the company if they want to sell their shares. This ruling applies to shareholders with at least 4.75% of First Mariner stock, or 963,443 shares.

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