posted
I agree that makes no sense.....I owned all my shares on 05/18/05.
Just got off the phone with Ameritrade....again...they have the shares from DTC....again i have them in my account....again...IF the company recinds the split or changes it I would have to "give" them back. If I have already sold I would have to make an open market buy to cover. Again...they have no indication whatsoever that the company intends to do this but the broker did say it was a mess because the trades that have been made have been at inflated PPS values.....one final note....he said he had no idea when this would be cleared up....further Ameritrade may receive no official answer since the shares have been delivered.it may just boil down to the company either going forward with the split or obtaining approval from the SEC to recind it..he suggested I contact the company and or wait for a PR.
Has anyone tried to contact the company???
-------------------- Raptor----Don't confuse bad luck with bad judgement
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posted
keith- etrade pro level II shows the trade just made at 3:22. it also has 3 columns MMID BID and ASK...dont know what it is...market maker id??
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quote:Originally posted by jps72: keith- etrade pro level II shows the trade just made at 3:22. it also has 3 columns MMID BID and ASK...dont know what it is...market maker id??
forgot about etird, got one of those accounts too i'll go check it out thx.
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posted
This is too damn quiet. If I were a betting man, I would say look for a PR today after the bell. IMO, we will know more very soon. They need to cover soon, they are running out of time....
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posted
Well I got near the computer late this afternoon and took either a bold step or a stupid step: I sold 10 million @ .0001. Needless to say I will make no effort to touch the $1,000. If there is to be litigation I wanted to be in the position of being a named plaintiff in any class action litigation. May turn out to be the perfect example of a lawyer of represents himself (in this case advises himself) has a fool for a client.
If this litigates I wanted to see it go from the inside and besides named plaintiffs get paid better. LOL
Hopefully, this will all work itself out. Surely the MM's want trade to continue. Think of the volume and the absurd spread they set up.
If this gets nasty only the attorneys win.
By the way, after the sale Ameritrade let me continue to trade other stocks. I also tried to buy GVRP and was denied (wonder on what authority?)
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posted
The only live conversation I had with Ameritrade, they called me over the weekend to tell me I had my shares. I have yet to figure out why they called since they never have any other time. I assumed that they already had the shares and had already reviewed the options.
When all this started last week everyone marveled at the possibility of $30,000 per 100 shares. We all bought in knowing there was a potential payday. But we all also knew the risk of never getting paid was considerable, thus the warning to put very little at risk and certainly nothing you could not afford to lose. A great bit of advice on all these penny gambles.
However, with great risk comes the potential for great rewards. The potential reward should always increase as the risk to the total capital increases, or why make the investment or take the risk. In this situtation we have the risk of total loss, partial loss, years of delays, litigation etc. thus, we all made a calculated assessment to take a risk.
Today I decided to follow through on the arguments I made in this thread and set myself in the fight if need be. If Ameritrade freezes my account over this, the lawsuit grows. And while I wait, thankfully I will not need the assets to survive, pay my mortgage or feed the family. Nothing in the account that I trade pennies with and that I consider at risk anyway will change life and can await the time frame to resolve the issues. Hopefully I will never have to eat these words but at least I did what I believed in. I cannot sell short shares in my account because the will not allow it, so if I sold shares they had to be there or it is Amertrade's mistake.
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<Trader88>
unregistered
posted
Here's my basic take on this whole thing:
We took the risk. We knew there were due bills on this stock. They were warned repeatedly, so they knew about the due bills too. We were sold stock last week with due bills attached, and we are entitiled to the market determining what they are worth, not brokers or the company. Shares need to be delivered by Thursdays trading, and the person or persons who dumped shares on the market last week needs to cover. We don't need to cover, we played by the rules. These brokers saying we will possibly need to cover is rediculous. Who do they think needs to cover first? The ones who dumped last week, because thats where the chain begins.....I will demand my due bills on Thu. from my broker.
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