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Originally posted by H2NRG:
Looks like I didn't close my quote.

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you can edit by using the little paper with a pencil icon, but you don't have too long to do it...

using b inside[] and /b inside[] will work easier than typing quote..

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Don't envy the happiness of those who live in a fool's paradise.

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Originally posted by rrttd:
so does any body know how i stand on this i bought on 5/18 do i get split or not? thanx

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Posted by: coinstarz
In reply to: None
Date:5/26/2005 12:08:09 PM
Post #of 54804

My theory on Ameritrade GVRP divvy.

Here is my theory based on the phone conversation with AMTD reps. It is only my own opinion. Please treat it as a second opinion.

After talking with AMTD reps yesterday and this morning, I have much more clear picture about this whole situation, how it happened, and why….read on…

Start from last Friday May 20.

GVRP did R/S and then F/S and set F/S ex-divvy date on May 23. AMTD tallied shares at the close of Friday May 20 and issued shares to its customers. Why did AMTD do that? To compete with online trading market, AMTD has been pushing envelope to the edge to grab more customers and to satisfy its clients. AMTD has an agreement with DTCC to get divvy just before the ex-date. And all these transaction were done AUTOMATICALLY by the computer. No live person was involved in the process. At the Friday close, the computer automatically generated tally and send to DTCC, and DTCC system automatically issue the shares to AMTD system, and then AMTD system automatically place shares into its customers. The payment to DTCC was also automatically done by the computer. In the age of Internet and high-speed powerful computer, this kind of automatically transaction does cut huge cost and improve efficiency...but

It was Monday May 23...

Then, we already knew someone screw the process. An insider of GVPR improperly sold shares short last week and the F/S divvy cannot be delivered to DTCC on Monday May 23. Now, AMTD got itself into the trouble, because it has paid to DTCC for the shares because AMTD thought the F/S was legitimate. It has done all the deals and never had the problem.

On Monday, Ameritrade received PR from GVRP, and managers stumbled on to the computer system. They know what happened but they don’t know how to clean it up. It is perfect legal. AMTD is stuck in the mud. Since AMTD has already issued the F/S shares to its customers and paid for DTCC, that means AMTD lost money but not the company. The company failed to deliever. The individual who sold shares is nothing to AMTD. This person or GVRP company can declare bankrupt and all liability will fall Ameritrade.

Now…

Ameritrade wants to recoup the loss. NITE is Ameritrade MM. That is why we see NITE at ask to help cover the shares. Remember, no MM is helping the insider, they are helping themselves each other to recoup the loss. How big the loss? Very large. multi-million or even billion dollars… If Ameritrade writes off the loss, then AMTD own stock price will drop like rock. The insurance premier will rise…it is a snowball problem….

Solution…?

So far…NONE...that is why the trading is slow...NITE is helping to maintain the market...eTrade holds shares...remember AMTD wanted to buy eTrade?...

Final note....

It is fun...But I have enough already. I start to scream....Weeeeeeeeee


"In the business world, the rearview mirror is always clearer than the windshield." - Warren Buffett

Peace!

C-Starz

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Originally posted by glassman:
i haven't explored the new site yet, i've been to darn busy...

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Posted by: Mike2112
In reply to: Mike2112 who wrote msg# 54454
Date:5/26/2005 12:22:58 PM
Post #of 54810

Finally got an Ameritrade response....

Dear XXXXXXXXXXX:

Thank you for contacting us today regarding GVRP.

Payment of the additional forward split shares to your account was made based on the indication of payment at the Depository Trust Company. This allowed us to post the shares to your account, available for sale on the open market. At this time, your position in GVRP is available for sale.

As you may know, the proceeds from a sale of GVRP shares will not be available for withdrawal or purchase of securities. This hold will be in place until a final determination is made in regards to the questions surrounding the forward split.

Any request for a confirmation in writing must be submitted to our Compliance department by mail of fax, using the following information:

Mail:
Ameritrade
1005 N. Ameritrade Place
Bellevue, NE 68005

Fax:
816-243-3769

If you have further concerns or inquiries, please reply to this message.

Sincerely,
Mike Gonzales
Manager, Ameritrade
Division of Ameritrade, Inc.

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Originally posted by JHenry:
That's one thing that has been on my mind, Scottrade account shows .0002 right now with a market value of .03 with my 150 shares. How can they split the price and not the shares? Who is the one that controls the price of the stock. If the shares have not been approved or released from the DTC how can they split the price. The system just seems to be really screwed up. I can't understand the logic. It would seem like they would have to both at the same time and if there is a problem then trading should be halted until both can be done at the same time. I just don't understand this - they do one but not the other. It drives me crazy when I think about it.

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