posted
ACBM Auto Club Marketing Corp Common Shares EVSO Evolution Solar Corp Common Stock 2-1 F/S; Payable upon surrender of Certificates.
DTIC Dti Inc Common Stock RKBD Rockbands, Inc. Common Stock 1-1000 R/S; No shareholder will be receive less than 100 shs.
GZPN GreenZap, Inc. Common Stock GZPI GreenZap, Inc. Common Stock New 1-100 R/S
RVEN Raven Moon Entertainment, Inc. Common Stock RMOEE Raven Moon Entertainment, Inc. New Common Stock 1-8,000 R/S; Refer to the D/L of 5/21/2008; the company remains delinquent and will receive an "E" on the new post-split symbol
SFNH Security First International Holdings, Inc. Common Stock SCFR Security First International Holdings Inc New Common Stock 1-100 R/S
posted
Yeah, good point Tex. Was just thinking of the question as asked, and sice the market was already closed, but for future reference you're definitely better off making it less obvious than just buying 1 share.
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I did it both ways, depending upon the account and the transaction price. I found that buying a round lot (100) of DTIC definitely made the transaction go through quicker.
I don't mind buying just 1 per se. I've found that the brokers are unwilling to go to bat for you largely out of ignorance instead of blowing you off for trying to take advantage of the loop hole. Once they 'get' it, they at least tried to see what was up, Drage notwithstanding.
The only broker I had give me hassle about a round up though was Trade King, who refuses to let me buy just 1 stock or even a round lot if it's less than $100. I had one broker chew me out saying (almost screaming) "DO YOU THINK THEY'RE JUST GONNA GIVE YOU THOSE SHARES? WHO DOES THAT?" and I told him "Everybody but you." and then I hung up on him.
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Those were the filings that popped up when I dd'ed DTIC on pinksheets the day of the r/s- sometimes pinksheets has the wrong company, so this may not be correct. I'm still looking.
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I know I read the filing before I bought my "gambling" shares, but I'll be damned if I can find it now. (note to self, hit print when trying to play one of these long shots).
Anyway, here's what Fidelity's trying to tell me. After the split, my fractional shares are being "cashed out" for a grand total of .50.
It actually went into my account today.
But from what I remember from the filing, we were supposed to be rounded up, not cashed out.
The day before yesterday, the 100 shares appeared in my account with a value of 10.01 for a total of $1001. Today they are gone, cashed out for .50.
Well, guess it was worth a try for the $17.00 it cost. But if anyone can find that filing, please post!
Jo
BTW, if anyone's broker does NOT cash them out like they did me can you please PM me and let me know what happenned with yours, so I can write to Fidelity.
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Yes jo you needed to buy on 05/22/08 to get the roundup; which I am sure you did becuse you said that they cashed out your fractional shares, if you bought on 5/23 you would have bought RKBD shares and the split had already occured. As far as cashing you out; yes I have had that happen to me numerous times; usually scottrade does it, but even though that had happened more times than not ( not always)I still got the roundup later even though they cashed me out.
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Well, here's what they said. Anyone have contact info for Rockbands?
Transcript of chat with Fidelity ReP.
quote: Thanks for contacting Fidelity Investments. All interactions are subject to recordkeeping and monitoring. A representative will be with you shortly.
ME: DTIC had a reverse split into RKBD. No shareholder was supposed to receive less than 100 shares after the split. I had fractional shares and my account should have been rounded up to 100 shares at current share price. Instead, my shares were cashed out. See the OTC Daily list here: http://www.otcbb.com/asp/dividend.asp?sym_id=DTIC&dDate=5/23/2008&sDateType=ex_d ate
[You have been transferred to queue: Trading] REP has joined the session. Fidelity Brokerage Services LLC, Member NYSE, SIPC
REP: Hello, my name is_______. How are you today?
ME: fine and you? Here is the wording on the split DTIC - Dti Inc Common Stock
Declaration Date: -- Ex Date:
5/23/2008 Record Date:
-- Payment Date: -- Dividend Type:
Reverse Split Dividend Amount: 1-1000 R/S Notes:
N/C to Rockbands, Inc (RKBD). No shareholder will be receive less than 100 shares.
REP: I am happy to assist. It will take me one moment to review your account. Thank you for your patience.
ME: okay, Take your time.
REP: Thank you for waiting. I have reviewed the security and the minimum requirement to receive shares was to have enough shares that you would receive 100 shares after the reverse stock split. The minimum number of DTI shares needed to receive shares after the reverse was 100,000. The new company is named Rockbands Incorporated. You will need to contact the company for any details on the merger. Unfortunately, we do not have any contact information for this company.
ME: Per NASDAQ's dept of Corporate Data Operations and published to the OTC daily list, NO shareholder will received less than 100 shares. It gives no verbage stating there was a minimum no. of shares prior to the split. See above
REP: To receive shares you would need to qualify for 100 shares. Owners that had less than the required number of shares received a cash payout of $0.01 per share. No owners received less than 100 shares. If you would receive less you were paid cash by the company.
ME: I understood it to be that the company would round up the fractional shares. Not cash them out
ME: Can you email the filing or documentation that you are looking at that says anything about a cash payout. And the "required number of shares"
REP: Fractional shares are not rounded up. To confirm the details of the merger you will need to contact Rockbands directly.
ME: Where are you getting your information? Can you send me what you are reading?
REP: The cash payout was delivered to Fidelity by Rockbands specifying a payout for the shares you owned.
REP: This is how the transaction was processed by Rockbands it is not a filing that is being read by me. I apologize for any confusion.
ME: You stated previously that you have no contact information for them. Do you have the verbage that they sent that mentioned a "required no. of shares"?
REP: Due to the statement that no shareholder would receive less that 100 shs and that you received a cash payout for the shares you owned. It indicates Rockbands did not give 100 shares for the shares of DTI that you owned. This is most likely because the DTI shares worth would have been equivalent to 0.1 share of Rockbands rather than 100.
REP: Unfortunately, we do not have the details of the merger. You will need to contact Rockbands directly. Is there anything else I can assist with?
ME: Not really. If you have no contact info for them, I guess no.
REP: I apologize for any inconvenience. REP: Thank you for using Fidelity's online services.
ME: lol
-------------------- "Great Day for Up!"....Dr. Seuss
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quote:Originally posted by Jo4321: Yeah, I'm not holding my breath! But it woulda been sweet!
Heck can't even buy a 1/4 tank of gas with $17.00, so I guess it was worth a gamble.
Jo
Disregard the CNEX response in my choicetrade e-mail, but... Dear Sir, thank you for your patience as we researched this matter. The additional CNEX in your account was an error, this has been corrected and you have no CNEX at this point. Our clearing firm is awaiting 100 shares of DTIC into your account from the transfer agent. As of now, there is no anticipated date of receipt.; And my BOA response was that they are informing the reorg dept.; that is the acct. that they cashed me out in... GL
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not always)I still got the roundup later even though they cashed me out.![[Smile]](smile.gif)
