quote:Originally posted by pcloadletter: Just got off the phone with trading direct, they assure me my shares will be there tommorrow
that's more or less what the nice lady at scotrade told me last night..they had a "tentative" date of the 26th...midnight tonight? shares here tomorrow....
-------------------- Don't envy the happiness of those who live in a fool's paradise. Posts: 36378 | From: USA | Registered: Sep 2003
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quote:Originally posted by pcloadletter: Didn't care to ask how (just make it happen mentality and all)
They did say Wednesday that ADP Clearing didn't have them yet and one they did, I would get mine.
Has SEC officially stated they are investigating? If so, why haven't they halted trading?
Note: Wells Fargo shows my shares without restrictions.
People have gotten emails from brokers saying that the stock is under investigation. I have not seen anything official from SEC. Just don't see how they can tell you that when everyone elses broker is saying they are waiting for an answer from regulators.
-------------------- My posts are my opinion only, and should not be construed as a recommendation to buy, sell, or hold any security. Do your own due dilligence. Posts: 502 | Registered: May 2005
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posted
glassman... who'd you speak with at Scottrade telling you the 26th? I spoke with a woman in Compliance just about 15 min ago, who gave me the same pat "under review by SEC/NASD" answer I've been given for days.
Posts: 257 | Registered: May 2005
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quote:Originally posted by H2NRG: glassman... who'd you speak with at Scottrade telling you the 26th? I spoke with a woman in Compliance just about 15 min ago, who gave me the same pat "under review by SEC/NASD" answer I've been given for days.
Jen was her name.... that's all i asked for...
she made no promises... she said the NASD has a "tentative" date of 5-26 we talked for quite awhile and discussed the whole play.....
there's more to getting this thing fixed than just sending out the shares...
-------------------- Don't envy the happiness of those who live in a fool's paradise. Posts: 36378 | From: USA | Registered: Sep 2003
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quote:Originally posted by pcloadletter: With all the shares trading this is going to be a mess.
If the MMs are buying and reselling, then major headaches if recalled.
If people are buying and selling or holding, same issues.
Ask yourselves, with all the shares being bought (probably by MMs), how would they do a reversal?
The MMs are going to make a killing....they always do...we might get the cream this time also.
They do not buy where profit cannot be found.
Hold long!
The MM's appear to just be matching. They don't want any part of these shares, but they sure don't mind buying and selling at 100% profit.
-------------------- My posts are my opinion only, and should not be construed as a recommendation to buy, sell, or hold any security. Do your own due dilligence. Posts: 502 | Registered: May 2005
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posted
The MM's appear to just be matching. They don't want any part of these shares, but they sure don't mind buying and selling at 100% profit. that's not what i've seen...i've seen some BIG buys go thru at .0001
-------------------- Don't envy the happiness of those who live in a fool's paradise. Posts: 36378 | From: USA | Registered: Sep 2003
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posted
Was Jen at Scottrade corporate? I found Trish in Compliance somewhat knowledgable, yet not completely about what's going on. We spoke for 5-10 minutes--didn't want to take up much of her time, since she couldn't do what I had hoped to do--formally lodge my request for my shares. Too bad that they don't all have the same info shared in-house.
I'll feel more comfortable when I see my FS shares sitting in my Positions column. Yeah, that's an understatement, shared by all.
Posts: 257 | Registered: May 2005
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posted
If shares are in everyones account this is a full go after profit taking. It will be difficult to stop the momentum of everyone taking a small gain and sitting for the payoff.
Posts: 538 | Registered: Apr 2005
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NEW YORK (Dow Jones)--Billions of shares of a tiny company called Gluv Corp.
(GRVP) have traded this week because someone improperly communicated to the market how many shares the company has outstanding.
It's little difficult to figure out why or exactly how it happened. But market participants were led to believe by information displayed on a computer system that Gluv would pay out a dividend of three million shares on each of 33 million shares outstanding as of Monday. Not quite sure why this didn't raise a few eyebrows because it would mean the company would now have a whopping 99 trillion shares outstanding after the dividend payment.
Regulators are looking into the fiasco. Gluv, a shell company that recently announced a reverse merger with Media Magic Inc., meant to pay the dividend on 11 shares, not 33 million shares. It had recently done a reverse split that resulted in 11 shares outstanding in an attempt to buy out many holders who then became just fractional holders.
"This is not a problem we had anything to do with," said Steven Dreyer, a lawyer who represents Gluv.
Dreyer said Gluv has been talking to the Securities and Exchange Commission and the NASD and that the company has asked securities regulators to reverse or unwind improper trades of what are in fact non-existent shares. Dreyer said regulators have not responded to the company's request to cancel trades.
Dreyer said that he has seen the dividend information sent by the company to NASDAQ and that it correctly reflected Gluv's plan to complete a 3 million-for-one forward split on 11 shares outstanding.
NASDAQ disagrees. "We don't believe that we imputed the information incorrectly," said Jenifer Coragelo with NASDAQ's Market Operation Dividend Department. "We did process what we had correctly," Coragelo said.
Coragelo said an investigation by the SEC and the NASD is ongoing. NASD which has a majority control in NASDAQ also serves as its regulator.
The SEC and the NASD declined to comment. A NASDAQ spokesman said that the exchange doesn't have the authority to unwind trades and that responsibility falls onto NASD.
Meanwhile, as regulators and the company try to deal with the situation, hundreds of small investors that bought shares of Gluv are left in limbo waiting to see whether these transactions will be settled.
Brokerage firms that processed these trades are also waiting to hear from regulators how the transactions will be handled. If the transactions are allowed to stand, some firms and customers who sold stock which they thought they held may find themselves short Gluv, having sold shares that they didn't really own or that didn't really exist.
Shareholders told Dow Jones Newswires that several brokerage firms are now restricting the trading of Gluv stock in some fashion. Ameritrade Holdings (AMTD) said Wednesday that it stopped allowing customers to buy Gluv shares on Monday but that it was allowing clients to sell the stock. Ameritrade wasn't available for comment Thursday.
Although it's not clear whether regulators will let all or some of Gluv's trades stand, they have already taken steps to alleviate settlement problems by requesting that the stock not be eligible for Continuous Net Settlement or CNS.
CNS is an electronic clearing system administered by the National Securities Clearing Corp., or NSCC. The Depository Trust Company, or DTC, has also instituted a "Chill" on all processing of Gluv transactions. NSCC and DTC are subsidiaries of the Depository Trust and Clearing Corp., the global clearing and settlement system through which most securities transactions are processed in the U.S.
Market confusion about the exact number of shares of Gluv outstanding may have been exacerbated by the fact that one of the company's 11 shareholders last week started trading stock improperly.
Gluv is a company that trades on the Pink Sheets and has no real business. In order to restructure its stock ahead of a planned merger with Media Magic, Gluv recently spun off its assets into a private company, leaving all but a corporate shell for Media Magic to slip into.
To get rid of minority shareholders, Gluv conducted a 1-for-6.5 million reverse share split on May 12 which reduced the shares outstanding to just 11. A week later, Gluv said it would conduct a 3 million-for-1 forward stock split that would bring the shares outstanding to 33 million shares. None of these 33 million shares were supposed to trade before Monday May 23.
But somehow at least one of the 11 shareholders got his 3 million new shares early and started selling stock that was not supposed to be trading. In a press release issued Sunday, Gluv warned shareholders that shares had improperly made their way into the marketplace and that investors should "not trade these shares until further notice." The company said it's investigating the matter and that it would "cooperate with regulators in resolving the situation." Gluv asked the SEC to halt the trading of its stock.
It's unclear why the SEC did not grant Gluv's request for a trading halt.
It's also unclear just how many shares of Gluv, real or not, are currently accounted for by computer entries at various brokerage firms. But that number is likely to be in the billions.
Gluv's lawyer Dreyer said he had heard of "one brokerage account with upward of 10 billion shares." Gluv stock was recently trading at $0.0002 a share up 50% on a trading volume of more than 849 million shares. Trading volume has been extremely high this week with 2.15 billion shares changing hands on Monday, 556 million shares Tuesday and 787 million shares Wednesday.
(Carol S. Remond is an award-winning columnist and one of four who write the
"In The Money" feature)
-By Carol S. Remond; Dow Jones Newswires; 201 938 2074;
posted
"This is not a problem we had anything to do with," said Steven Dreyer, a lawyer who represents Gluv.
that is the BEST news i've heard all week....
that puts it to the xfer agent IMO
But somehow at least one of the 11 shareholders got his 3 million new shares early and started selling stock that was not supposed to be trading. somehow? this happens all the time, and this is what's wrong in the system...
-------------------- Don't envy the happiness of those who live in a fool's paradise. Posts: 36378 | From: USA | Registered: Sep 2003
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posted
True, but, I was told by Ameritrade they were definitely in my acct and had been received from DTC........I even told him to double check and again he said yes.
Posts: 529 | From: Tx | Registered: Sep 2004
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"It had recently done a reverse split that resulted in 11 shares outstanding in an attempt to buy out many holders who then became just fractional holders."
1) forced out at .0005 gunpoint
" 'This is not a problem we had anything to do with," said Steven Dreyer, a lawyer who represents Gluv.'
2) well who was doin' all the splittin?
"Dreyer said regulators have not responded to the company's request to cancel trades."
3) one bright spot
"Shareholders told Dow Jones Newswires that several brokerage firms are now restricting the trading of Gluv stock in some fashion." 4) Make a list, Carol
"Although it's not clear whether regulators will let all or some of Gluv's trades stand, they have already taken steps to alleviate settlement problems by requesting that the stock not be eligible for Continuous Net Settlement or CNS." 5) implications, anybody?
"Market confusion about the exact number of shares of Gluv outstanding may have been exacerbated by the fact that one of the company's 11 shareholders last week started trading stock improperly. "
6) Is this true, anybody--11 shareholders?
"None of these 33 million shares were supposed to trade before Monday May 23." 7) says who? the company--not the filing.
"It's unclear why the SEC did not grant Gluv's request for a trading halt." 8) as if they should?
"In a press release issued Sunday, Gluv warned shareholders that shares had improperly made their way into the marketplace and that investors should 'not trade these shares until further notice.' " 9) THREATENED illegally, when it could've asked for a halt on news, maybe
"Gluv's lawyer Dreyer said he had heard of 'one brokerage account with upward of 10 billion shares.' " 10)heard from whom?
quote:Originally posted by dishgal1: True, but, I was told by Ameritrade they were definitely in my acct and had been received from DTC........I even told him to double check and again he said yes.
it seems to me blocking you from re-acquiring them is/was wrong too
-------------------- Don't envy the happiness of those who live in a fool's paradise. Posts: 36378 | From: USA | Registered: Sep 2003
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quote:Originally posted by glassman: It's unclear why the SEC did not grant Gluv's request for a trading halt.
LOL....
Remember, it's the SEC's JOB to protect investors, not companies trying to get rid of small shareholders. To our credit, the SEC may just decide to use this company as an example and make the MF'er who dumped those shares and their insurance, the T/A's insurance and/or the brokers insurance pay the due bills. (You know, the ones that were due yesterday!)
-------------------- My posts are my opinion only, and should not be construed as a recommendation to buy, sell, or hold any security. Do your own due dilligence. Posts: 502 | Registered: May 2005
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posted
Glass, you know what? I cannot wait for tomorrow to be over....I am promising myself I am not going to look at this board until Tues. Morning.....Nerves are shot, need sleep, I am very bitchy....etc.
Well, maybe once or twice a day I will check in. LOL
Posts: 529 | From: Tx | Registered: Sep 2004
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quote:Originally posted by glassman: It's unclear why the SEC did not grant Gluv's request for a trading halt.
LOL....
Remember, it's the SEC's JOB to protect investors, not companies trying to get rid of small shareholders. To our credit, the SEC may just decide to use this company as an example and make the MF'er who dumped those shares and their insurance, the T/A's insurance and/or the brokers insurance pay the due bills. (You know, the ones that were due yesterday!)
yes.... they just released or are ready to release the ENRON movie, the perfect storm.....
-------------------- Don't envy the happiness of those who live in a fool's paradise. Posts: 36378 | From: USA | Registered: Sep 2003
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that was me yesterday my dad was talking to me about a building were looking a purchasing and I told him lets talk tommorrow I need to get sleep so I can get my brain back in gear.LOL plus that fact I have 2 boys 3 and 1/2 and 2 years old and there are on some bad habbit this week of wanting MILK at 4:00 am this is what I look like getting the milk man I don't even open my eyes when I look in the fridge for the milk dang that light is bright I might have to take it out LOL
Have a great day
Dennis Posts: 598 | From: San Jose, CA USA | Registered: Nov 2003
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posted
I am just exhausted. Dens....I just left for a couple hours this aft. I have never had a panic attack but I think I might know what they must feel like or something close.
I don't think I am even going to trade tomorrow. Just too edgy. Can't take more than one of these at a time....LOL Try and get some sleep and let's hope and pray for a peaceful weekend.
Posts: 529 | From: Tx | Registered: Sep 2004
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posted
I have calmed down a little after walking around the block. But I still want my due bills, lol. In my opinion, there is ABSOLUTELY NO WAY to unwind everything, like the company is asking. And they say they have nothing to do with any of this. HUH???? Who initiated the r/s and the f/s? Do they think it was a small investor dumping all those shares INTO NEWS last week? The SEC has not halted trading for a reason. The reason is that the company is full of &%$@!!!
-------------------- My posts are my opinion only, and should not be construed as a recommendation to buy, sell, or hold any security. Do your own due dilligence. Posts: 502 | Registered: May 2005
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quote:Originally posted by glassman: tranfer agent.... they delivered the shares too soon.....
That's true as well. The company, the T/A, and the person or persons who sold shares into the market all have a degree of reponsibility for this. Possibly the brokers and MM's as well. If they all shouldered the responsibility, they can all shoulder the cost of buying back their shares on the open market, IMO.
-------------------- My posts are my opinion only, and should not be construed as a recommendation to buy, sell, or hold any security. Do your own due dilligence. Posts: 502 | Registered: May 2005
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posted
When I short a stock, I am responible and shoulder the burdon for buying back that stock. If I buy it back higher, I lose money. I can't turn around and say "hey, I want that trade unwinded, I had nothing to do with it".
-------------------- My posts are my opinion only, and should not be construed as a recommendation to buy, sell, or hold any security. Do your own due dilligence. Posts: 502 | Registered: May 2005
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