posted
tell me about it - i am tempted to be patient and not jump the gun. i don't see an r/s coming anytime soon because of the lack of majority shares they hold. we own it. i don't think i will be jumping the gun monday. who knows? just wondering what some the sell orders are placed at monday? i know elite is at 5. i think this is going to take a team effort.
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posted
I chose 5.00 since it impossible to consider a real billion in the account. This number ties up the shares and in theory prevents the broker from "lending" my shares once again. I do believe that the longer we all refrain from just dumping our shares back the greater the pressure to get really paid.
I haven't figured out from who yet but I do know the powers that be have more than we do, and they having been doing it to us for so long we all believe it is part of the way the game is played. They have institutionalized their profits and only occassionally let us share. I figure that we should maybe let them occassionally share our profits this time. I will sell only at my own time and for real, real profit. All my shares are free and even if I did not cash out half on Friday The investment was quite small compared to potential lottery ticket.
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posted
I have begun a preliminary search of SEC rules and regs to reverse trades. The only reversal I have read so far does not apply to our situation and in any event the reversal time has already lapsed. I will try to keep looking when time permits.
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Wouldn't it be better to NOT have sell orders in on Monday? I mean if we flood the market with sell orders over the weekend they will see we are anxious to get rid of them. If they aren't seeing a lot of available shares wouldn't they be willing to go higher?
Just a thought....Keith, Glass, what do you think? I for one am not putting in sell orders over the weekend. At first I planned to but cancelled them. I will wait to see how this plays out. You know........"SUPPLY & DEMAND"!
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I hope you can cope with ticks, chiggers and snakes.
Doesn't seem all that bad, until you know of the cure for bites, cuts and other injuries.
Growing up, when one of kids was injured, Grandpa always poured coal oil (kerosine) on the wound. That was the cure and it worked. We quickly learned to be careful to not suffer injuries, even a simple bug bite; the cure was far worse than the injury.
Our favorite Dish asks,
"Wouldn't it be better to NOT have sell orders in on Monday?"
I tend to believe this decision is already made for us. Knowing human nature, there are a lot of people out who are driven to "make the bucks" right off. They are people who do not think like you do, they are people who are impulsive rather than logical, they are people who are not winners.
Come Monday morn, my hunch is the GVRP market will be flooded with .0001 sell orders.
A large majority of traders out there, unlike you Dish Gal, are not good thinkers.
"Is anyone going to count down the hours we have left before trading starts tomorrow? Looking for someone to do this every hour. lol"
That is the attitude with which we are dealing.
Mob Mentality will lead to a trading rush Monday.
Nonetheless, supporting your notions, I do not plan to trade until Wednesday or after. I may even elect to wait months to trade if evidence comes about Media Magic will be a pump and dump.
posted
There is some news, which seems true, and is rather worrisome. Some brokers are accepting only sell orders by phone. Notes have been posted brokers are advising customers of a, "liability acknowledgement" by customers before sells will be effected.
My presumption is brokers are advising sellers there are liability issues related to selling short in lieu of forward split shares being settled in acounts.
Anyone have information on this?
Etrade is indicating forward split shares will not be available for selling until Wednesday and will not show in accounts until Thursday or Friday, which is a policy in keeping with not allowing customers to assume liability, nor allow Etrade to assume liability.
My opinion is if you sell short on Monday and those forward split shares are not settled, you will be held responsible for not covering.
That could prove expensive.
I urge readers to look for more information and share it here.
posted
Unless something changes, Scottrade customers (me)will not have the shares to trade in their account on Monday. That will limit my options to buying or watching. All parties involved will have had the entire weekend to come up with a plan of action. (I think that we probably had a more pleasant weekend than some of the involved parties. )
If it trades tomorrow morning, I think the possibility of prior trades being reversed will be eliminated, and we can assume that the decision was reached to try to rectify the situation in the open market. This would definitely be to our advantage.
We will probably never see this situation again in our lifetimes.
Just an opinion from an old Mississippi hillbilly.
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posted
just a thought - if there are a lot of selling Monday, would you think the company would buy these shares up quickly get enough shares to plan a r/s? or are the shares being bought to eliminate them from the market. once, they are bought - that's the end of it? nsing is basically selling shares that don't exist.
pg - i don't know about holding for months. i am thinking 2 weeks max.
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"If it trades tomorrow morning, I think the possibility of prior trades being reversed will be eliminated...."
I tend to agree with this. However, there is no guarantee trades will not be broken.
Nonetheless, with trades last week, trades in the morning, unwinding all of this becomes ever so complex. This difficulty in unwinding so many trades would discourage breaking the trades.
Again, no guarantee. A regulatory body could step in and force the trades to be broken.
Rebel, I just finished sending out email to my investor friends with two pieces of advice.
I have advised them to not sell until after Wednesday so they will not risk liability for selling short. I explained if those split shares do not come into their accounts, they could be held liable for covering their short sells. There is too much risk involved with so many unknown factors at play.
Some brokers appear to advising telephone customer they have to acknowledge liability. That is not good.
My other advice is too sell only a little over the coming weeks and hold a hundred-million or so shares in case Media Magic becomes a pump and dump scam. I explained what is a pump & dump and how they "might" be able to sell into that scam at a decent price, like .002 or .005 per.
Readers are to be cautioned there may never be a pump and dump effort. I do NOT know that will happen. I only know there are precursor signals this might happen, but the company is in a real jam now. They might not survive this mistake.
Readers are also to be cautioned there are reports, multiple reports, of brokers advising of liability issues. That should be taken seriously, whether true or not. Any hint of liability is a warning.
In closing, consider these liability issues being raised in your decision making. Also consider what the future might bring, possible better profits.
Once again, treat my opinions with skepticism because I do not have a verified factual basis. I working with what seems common opinions.
posted
with ameritrade show my f/s shares already and to avoid the liability of short sells, i should wait until wednesday for them to settle. wed. would be the third settlement day.
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posted
on that note purl - i would think people should not get into a sell panic monday. unload slowly. do not flood it. make the company or whoever come to us which in turn will raise the pps. we are in the driver's seat. we have to hold the fort.
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posted
Purl Help needed, I talked to Ameritrade, I asked them why many of my friends who use scotttrade and other brokerages aren't showing their shares whereas ameritrade is showing them. And I also asked them if they have any liability clause saying that if something is wrong can we be forced to buy shares back and they sai the worst that could happend is a hold on trading but I was talking to one of the customer servce reps they probably dont know much besides I was also told that tading questions would best be answered by a broker and therefore needed to wait. What do you mean by "hint of liability"
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posted
cruz, i think the three-day settlement applies to cash, no? settled/unsettled funds? I know one of the problems with NSS is each broker has 13 days, so that's how they keep em moving...next broker restarts the clock...Scottrade's position is they're not transferring until they get em in good shape, thereby keeping them and me off the hook.
-------------------- Nashoba Holba Chepulechi Adventures in microcapitalism...
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posted
Ameritrade also said that their system was updated and therefore they were showing their shares. When I asked if they had received their shares there was o answer, they changed the topic, saying "others just take longer to update their system". this all happened yesterday
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posted
VG, if you sell, just keep your cash handy until Wed's after that don't sweat it. There are minor possibilities in all these scenarios we discuss just be aware of them and act accordingly. If they give you the shares, your not liable, your only liable for selling shares not in your account.- your trade could get cancelled and have to pay back. No liability though.
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posted
Tex thats what I was told too 3 days is for settlement of funds dont know abt settlement of div (stocks) or else day traders will have millions of shares in different co. in unsettled trades over their 3 days
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posted
I could see this trading in quad zero range Mon-Tues, .00001 - .00002. If I bought 100 shares at $5, that's $500 for 300 million post-split. If I can sell, say 200 million at .00001 that's $2,000 for my $500 investment. Given the circumstances, I'd take that in a heartbeat and sit on the other 100M to see what happens. If the company buys back the 51% from nervous Joe's like me, r/s seems inevitable. jmho, and I don't know much.
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quote:Originally posted by trailster: I could see this trading in quad zero range Mon-Tues, .00001 - .00002. If I bought 100 shares at $5, that's $500 for 300 million post-split. If I can sell, say 200 million at .00001 that's $2,000 for my $500 investment. Given the circumstances, I'd take that in a heartbeat and sit on the other 100M to see what happens. If the company buys back the 51% from nervous Joe's like me, r/s seems inevitable. jmho, and I don't know much.
RS takes time, they cant do until FS clears, then they can file etc....shouldn't be able to do crap until next week, also, company does not have the majority of shares to RS.
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posted
Best belief I have is the "liability" issue references selling short because your buy has not settled yet; you bought but no delivery of shares, yet. Monday sells will be sells of undelivered shares.
Tex writes,
"next broker restarts the clock..."
Exactly! GVRP could cover by constantly resetting the clock. The three day settlement starts at noon on the day of sell, and ends at noon on the subsequent third business day.
Nothing stopping GVRP from buying and selling to reset clocks, over and over, to buy time.
Another thought is GVRP could register more shares, rather quickly. There are no provisions for proxy voting. The company is actually dust. Another company owns GVRP now. Old charters are defunct, no new charter is set. Based on rules, I "think" there is nothing to stop GVRP from registering more shares tomorrow.
I guessing their way out of this will be rule based. They are most likely looking at rules to find a way to cure this, at low expense.
quote:Originally posted by keithsan: VG, if you sell, just keep your cash handy until Wed's after that don't sweat it. There are minor possibilities in all these scenarios we discuss just be aware of them and act accordingly. If they give you the shares, your not liable, your only liable for selling shares not in your account.- your trade could get cancelled and have to pay back. No liability though.
sell goes through Monday; cash settles 3 days later...safe to use that cash, or wait longer to make sure Monday's trade not reversed?
-------------------- Nashoba Holba Chepulechi Adventures in microcapitalism...
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posted
PURL if my memory is correct they can not authorize more shares until FS is over which would be wed's. Also, TA gave them 33 million shares, we all have more than that, that was post split, TA didn't give them more on top of the 33 mill. WE have more shares. very interesting predicament they're in....
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quote:Originally posted by keithsan: VG, if you sell, just keep your cash handy until Wed's after that don't sweat it. There are minor possibilities in all these scenarios we discuss just be aware of them and act accordingly. If they give you the shares, your not liable, your only liable for selling shares not in your account.- your trade could get cancelled and have to pay back. No liability though.
sell goes through Monday; cash settles 3 days later...safe to use that cash, or wait longer to make sure Monday's trade not reversed?
i stated after wed's all should be fine. I don't have to wait 3 days but if you do, then its easier for you to wait.
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posted
hey tex how about after the sell do not withdraw that money for a couple of weeks and if you do keep it in ur bank acount dont go crazy over ur winnings, just wait it out, celebrate a couple of weeks down the road. And so if anything does come up you can cover
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