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Has anyone seen\heard anything from TDA on their shares being converted? I haven't and wasn't sure if we needed to call them or if they will take care of it.
Posts: 81 | From: TX | Registered: May 2006
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i did call my broker this morning , they said the conversion would take place automatically cause it is mandatory , but they could not give me a date as to when
-------------------- PREPARE TO BE BOARDED Posts: 742 | From: SOUTH CARRIBEAN | Registered: Mar 2006
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Post Very Important Scottrade and other Brokers on Paiv Restricted Shares
I talked three hours today to the Paiv Transfer Agent at Phone #1- 303-783-9055 and to Scottrade Compliance Dept Phone # 1-800-888-1980 EXT 1900. This is what I found out.
I would first suggest that you find out the phone number of your broker’s Compliance Dept as I did and call them to request your Paiv Restricted Shares be sent to you in your name to your home address.
You must do this otherwise the Brokerages will not do anything to help you. They are out to help themselves... The Transfer Agent and the Company Paiv have done everything they can do, it’s the Brokerages that are not cooperating because they shorted JPHC and Paiv., they got greedy and are now caught in that greed, it is up to the Shereholders of JPHC to start complaining to their Brokerage Compliance Dept. that serves him or her. You as a client signed an agreement with your Brokerage Firm and have every right to do this. The Brokerages have been telling everyone different stories to buy time because they are making huge money from shorting JPHC and PAIV.
This is what I found out today July 14, 2006 about Scottrade who is my broker about my JPHC Shares. Now remember other Brokerages are doing the same thing .This is in three Parts A, B and C.
Part A
All of our JPHC Shares were held in CEDE&CO. All of out JPHC Shares were sent to the PAIV Transfer Agent by CEDE&CO.
The Transfer Agent has all the names and share totals for all JPHC shareholders that were sent to them by CEDE&CO.
This was done two months ago. The Transfer Agent faxed all Brokerages two months ago with detailed instructions for the Brokerages to follow.so that the JPHC shares could be converted to PAIV restricted Shares and sent to the owners of those Paiv Restricted Shares at their home address.
The Transfer Agent asked for the Name, Address, Social Securtity number and the amount of JPHC Shares held in the clients account.
Now how hard is this to do, it is all done electronically.
The Transfer Agent right now has all the PAIV Restricted Shares ready to be mailed out to us at our home addresses.
So why would the Brokerages not do what the Transfer Asked them to do. This is why.
Part B
I found this out while talking to the Transfer Agent, The Transfer Agent added up all the JPHC Shares that CEDE&CO sent them.
There was a HUGE Discrepency in the total JPHC share count that CEDE&CO sent to the Transfer Agent compared to what the Brokerage Participents Share Count.stated.
Why? Because a large number of brokers loaned out JPHC Shares to other participants to cover short sales which caused the huge share price drop in Paiv which caused the huge share number difference in what CEDE&CO sent the Transfer Agent compared to the Brokerage Participants JPHC totals.
For Scottrade my Broker they loaned JPHC Shares to Merill Lynch.
Other Brokerages did the same thing with many different brokerage Firms.
For Scottrade to correct this situation they have to demand the return of all the JPHC Shares from Merill Lynch or Scottrade has to buy in Merill Lynch based on the original transaction with merill Lynch.
This is what Scottrade is trying to get out of and why they along with other brokerage firms are not cooperating with the Transfer Agentfor PAIV.
The Brokerages also want to keep your PAIV Restricted Shares in their own Vault. Why? So when the restriction is lifted they can short the shares and start this process all over again.
They can not do this if you have the Shares in your name held by you. Here is the PAIV Press release for June29, 2006 stating the procedure for the Brokers to follow. I called my Broker Scottrade on June 30, 2006 and was told everything would be taken care of by Scottade and they knew of the Press release issued by Paiv. I called again on July 13, 2006 and was told that my JPHC shares were sent to the T/A and that within 5 days i should have my Paiv shares. I called again on july 14, 2006 and was told by numerous parties that Compliance was aware of the situation and working on it. I asked for the Compliance Dept number and received another story. I then called the Transfer Agent along with Loyola. The Transfer Agent talked to Scottrade and gave them specific Instrutions for the second time. These conversations took 3 hours. Press Release June 29, 2006 Paiv. http://biz.yahoo.com/iw/060629/0140620.html
PartC
This is what I was advised to do after tallking to the Transfer Agent of Paiv phone # 1-303-783-9055 and the Investor Relation firm Loyola used for Paiv phone # 1-702-317-2300.
I also found out there will be a fee of $25.00 per Cert. If you have two accounts it is $50.00.
By all means call numbers I listed above and ask your own Questions. Use my post for a reference and remember the Broker is out for themselves and making money, expect to be told stories by all the Brokerage firms involved in this fiascal and remember demand your Paiv Restricted Shares sent to your address in your name.
So with this information I found out today and on the advice I was given I called Scottrade Compliance Dept and left a message that I as a Scottrade Clinent and shareholder of JPHC shares will file an SEC Compaint against Scottrade for their refusal in cooperating with the above parties mentioned in giving me my Paiv Restricted Shares that I am entitled to mailed to my home address in my name.. I stated that if I did not have my Restricted Paiv shares within 10 days from today July 14, 2006 I would begin my SEC Complaint. against Scottrade, I will also file a Complaint with
Expect a song and dance from your Brokers saying that Latimere and DTC are involved. Do not fall for this and verify what I am posting here with the Paiv Transfer Agent..
Also I found out that the only way to stop Firms from Shorting Stock is for you the client to ask and sign an agreement with your Broker that they are not to loan your shares out. They will not tell you about this agreement you have to ask them for it. If they do loan your shares out you can sue them. Putting a Sell order above the price of a stock does not tie your shares up as some think it stops the firms from shorting.
I hope this helps and call your Compliance Dept right away. Posts: 34 | From: USA | Registered: Apr 2006 | IP: Logged | Report this post to a Moderator T e x Member
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