posted
Just got off phone with Ameritrade. Didn't know anything about this stock. He does now.
Ameritrade has requested he read the Memo warning of liability....in case F/s is cancelled, amended, etc.
After about 30 minutes back and forth of asking how we could be liable if we don't have a margin account.....I finally just asked if he could check to see if they had our shares. He checked and said the shares had been transferred by DTCC.........I asked if we were out of the woods and he said he couldn't say because of the memo by Ameritrade. So don't get too crazy folks we don't need to have a huge liability on our hands and I guess when Scott Trade updates shares we will know we are free to trade.
On the other hand I told him I didn't think the Company owned the majority of shares in order to effect a reversal...he was shocked. BUT if everyone keeps selling them back ........then at some point we will lose our majority. Then they could do a reversal possibly and get us all back. Just a theory but this @$#@$ makes me nervous. LOL
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quote:Originally posted by dishgal1: Just got off phone with Ameritrade. Didn't know anything about this stock. He does now.
Ameritrade has requested he read the Memo warning of liability....in case F/s is cancelled, amended, etc.
After about 30 minutes back and forth of asking how we could be liable if we don't have a margin account.....I finally just asked if he could check to see if they had our shares. He checked and said the shares had been transferred by DTCC.........I asked if we were out of the woods and he said he couldn't say because of the memo by Ameritrade. So don't get too crazy folks we don't need to have a huge liability on our hands and I guess when Scott Trade updates shares we will know we are free to trade.
On the other hand I told him I didn't think the Company owned the majority of shares in order to effect a reversal...he was shocked. BUT if everyone keeps selling them back ........then at some point we will lose our majority. Then they could do a reversal possibly and get us all back. Just a theory but this @$#@$ makes me nervous. LOL
posted
Ameritrade read a memo from Ameritrade that we have been credited with our shares. Free to trade them understanding in the event of a reversal, amendment, etc....we would be held liable for the ones we sold. Sucks doesn't it? I don't think we have anything to worry about. If they have received them, how can they steal them back? IMO
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A very shrewd businessperson with an offshore broker, offshore money, absolutely.
Those market makers who sold at .0002 today, Dish, cleared one-hundred percent profit. However, a lot of volume is needed to make significant money at these prices. What was volume today? This suggests there are ample shares in new hands to make selling at .0002 for a one-hundred percent profit, very lucrative, indeed.
Offshore, complete impunity. Once the money leaves our continent, it is gone for good.
Yes, Dish, I could rationalize this into a planned ploy, very easily, in fact, a type of con I would love to effect.
posted
I will add, the news release about not buying, would be a logical part of that ploy. It would be a con to discourage buying allowing market makers an open market to accumulate. Some brokers, as we know, are discouraging trading and are making it difficult to trade. For example, my Etrade wants a $100,000 bond before trading.
Market makers have virtually no liability.
All of this is a plausible con which I respect.
Is this a con? I don't have a clue.
There is nothing to stop this from becoming a con, yes? At this point I can think of several methods to turn this around into one of the biggest stock scams in history.
posted
Just a thought....I would imagine that warning memo from Ameritrade would apply to any F/S........Raptor is presently calling Ameritrade and he is also going to ask about GTEL....someone said they didn't have those shares either from Scottrade. But they are saying they have received them....we will see what Raptor finds out. Good luck all.
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How do you say that I would be liable for those shares sold ameritrade states that I own 200 million shares and have posted it in my account I havn't sold shares that I dont own that would be short selling but ameritrade says I own those shares and have buy confirmations and sell confirmations to prove it.
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How do you say that I would be liable for those shares sold ameritrade states that I own 200 million shares and have posted it in my account I havn't sold shares that I dont own that would be short selling but ameritrade says I own those shares and have buy confirmations and sell confirmations to prove it.
those 300 million shares were borrowed shares by ameritrade (post split) with the promise that if the split is reversed you will have to buy back to cover...ameritrade works different from other brokerages..This is why purl said maximum risk
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I have read through this entire topic, and spent all day doing it. I am highly interested in this little bugger, per chance that I buy as much as I can tomorrow morning at opening. What would you say my risk is, buying post-split?
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posted
But on the other hand, wouldn't it be a legal nightmare for the company (which doesn't hold controlling interest)to try to collect from investors? I mean there are people who bought today also.....Oh what a tangled web.
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Glass, I believe you are exactly right. I will be away from the computer in the morning but I am going to put in sell orders for a quarter of my shares at .0003, a quarter at .0004 and a quarter at .0005. I'll hold the remainder as a further lottery ticket. If they want to come up and snatch them then let me bank $90,000 on a 215.00 investment with another quarter of the shares in the account.
Ameritrade told me the shares were mine. How can the reverse a trade. I have already put profit from this stock into PLNI last week. With the jump it took today are they going to take that profit too. I THINK NOT.
I hope they buy me out. WSOP here I come.
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posted
Okay folks.....Andrea at Ameritrade confirmed to me that they received the post split shares Friday afternoon from DTC. Ameritrade does not post to customers accounts unless they receive shares from DTC is what she said. She also read me the liability memo but stated she saw no way for the company to amend or reverse the split based on the volume we saw today...the legal ramifications for undoing what has been done would be enormous...she said.
regarding GTE shares....Ameritrade also received these from DTC on Friday and they have been posted to the Ameritrade's customer's accounts.
for those of you using the other online brokerages...no offense but I would swith to Ameritrade....
-------------------- Raptor----Don't confuse bad luck with bad judgement
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quote:Originally posted by Raptorsrule: Okay folks.....Andrea at Ameritrade confirmed to me that they received the post split shares Friday afternoon from DTC. Ameritrade does not post to customers accounts unless they receive shares from DTC is what she said. She also read me the liability memo but stated she saw no way for the company to amend or reverse the split based on the volume we saw today...the legal ramifications for undoing what has been done would be enormous...she said.
regarding GTE shares....Ameritrade also received these from DTC on Friday and they have been posted to the Ameritrade's customer's accounts.
for those of you using the other online brokerages...no offense but I would swith to Ameritrade....
i guess i better get out the blowtorch for the scotrade manager's voodoo doll after all
-------------------- Don't envy the happiness of those who live in a fool's paradise.
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Raptor, I have never checked with Ameritrade concerning my GTE but my account today shows no GTE shares but shows N/A* (* A current quote cannot be obtained for this position at this time.) for my GTEL shares.
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George, I was able to trade mine today. I sold and then bought back on the dip. It was showing wierd for about the first 50 minutes of trading -- I had the GTE symbol, and the post split price as the last price, but the bid and ask were pre-split.
posted
Here's a thought! Wouldn't It would almost be impossible to reverse or amend a split at this stage....think about it...like it never happened? This really isn't a short situation according to Ameritrade...If they reversed or amended this.......it is like it goes "poof"..............What about the people who bought today? Their shares just disappear? This is crazy. Wouldn't we just basically have to give them the money back that we got from the sale? If it were reversed there would be no shares to buy back to cover...RIGHT?
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dishgal, Ameritrade in my margin account does NOT let me short penny stocks. So if I sell they will only let me sell shares I have. If it is by some quirk later reversed all they can get is the sales money back. They cannot force me to cover a short sale I am NOT permitted to make. I feel extremely comfortable in saying that by law that is the maximum extent of my liability if reversed. Any other possible liability belongs to Ameritrade and I am sure they did not put themselves in a position of liability.
I truly believe if the shares on in the account the liability that Purl and others speak of does not exist. Only the proceeds from the sale can be recovered if the trades are reversed.
Having said all of this, there is no way to reverse 11 billion shares traded. Any attempt would be a real nightmare, not to mention the years of litigation to follow.
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