posted
they did a 7,000,000/1 RS. The shares were to be turned in to the TA yesterday so that you could get your hard copy cert. Thats all I know. TMAN...
-------------------- In the end, trust only yourself when trading stocks.
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posted
All I know is that there was a corporate action that just took place and that this will take the place of Paim and it will be tradable in a few days..(per Scottie)
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It is still quite confusing. I have been told that the mandatory corp. actions were taking place and the preferred shares are held in two different CUSIP numbers. It will probably take awhile to get smoothed out...(confusing)
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quote:Originally posted by trader_adam: It's hard to fall asleep not knowing if you have struck it rich or not!
Hate to say it. You havent. They did a 7MM/1 REVERSE SPLIT!!!! on the preferred shares. You know the ones that we were suppose to be able to convert into common. If you did convert than that is great but if you held the preferred shares you had to have the physical certs into the TA by Monday. If not then I believe they are cancelled and no longer valid. They PR'ed this last month and were very clear on what to do. TMAN...
-------------------- In the end, trust only yourself when trading stocks.
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tman, I'm pretty sure you're wrong, but I'll try to put something together later to see if I can give a paper trail.
Essentially, I am pretty sure companies can not, by law, treat hard copy and electronic certificates differently, so if there was a split, your broker was responsible to so it, which is why it seems like our accounts were updated, because our broker did what they needed to do.
Sorry if this is incoherent, I have 5 things that I'm in the middle of right now and don't know if what I just wrote makes any sense. I'll clarify later.
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Wow! 7M/1 R/S, that a new high. I would call them scam king. This makes JMCP look like a saint.
.0001 * 7M = $700 (new pps)
So if you had 1M shares, you would now have .142 shares after R/S. In other words, it's worth "Nothing". You have been con big time because no one will buy for $700 and it will drop to sub-penny as soon as trading start. Even at $1.00 your 1M will only be worth 14 cents.
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You are probably right Pcola. I read the following statement and mistook it for what it said.
ALL PREFERRED CERTIFICATES (PAIMP) WERE CANCELLED EFFECTIVE SEPTEMBER 14, 2007 AND HAS TO BE EXCHANGED FOR THE NEW PREFERRED CERTIFICATE (PAIIP) UPON SURRENDER OF THE PAPER CERTIFICATE (PAIMP) TO AGN ASSOCIATES & STOCK TRANSFER SERVICES, LLC.
Ruthie, I also read that the brokers were to take care of the exchange. TDA sent me mine without me requesting it so I was stuck getting it done. Oh well. Good luck to all with this. I should have exchanged them for common. At least I would have made a few bucks when it ran earlier this year. TMAN...
-------------------- In the end, trust only yourself when trading stocks.
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