Had been / was

http://www.news1130.com/business/article/398456--facebook-up-from-all-time-low-after-zuckerberg-commits-to-keeping-shares

NEW YORK, N.Y. - Facebook's stock increased nearly 5 per cent on Wednesday following a disclosure that its CEO, Mark Zuckerberg, won't sell stock in the company for at least a year.

Zuckerberg holds about 504 million shares and options and had been eligible to start selling them in November. The company currently has about 692 million shares eligible for sale. The concern is that if Zuckerberg floods the market with additional shares, prices would go down further.

What does the sentence mean when I use 'had been' and what does it mean when I use 'was'?

1. Zuckerberg holds about 504 million shares and options and had been eligible to start selling them in November.
2. Zuckerberg holds about 504 million shares and options and was eligible to start selling them in November.

Thanks