posted
They are restricted shares so Ameritrade had to buy them back for you, assuming your shares are from JPHC. As far as what will happen and whom will take blame is still a mystery to me.
-------------------- I buy fast and sell faster!
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NOW, i sold at .0009, then they are buying it back at .0065??? NOW I OWE ALOT OF MONEY. NOT FAIR! Anything I can do to protect myself??? PLEASE HELP!!!
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Looks like Ameritrade may be done buying back shares for now. The volume has really slowed. I am still thinking this will go up from here as now there are much less tradeable shares in the O/S.
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Insurance companies might step in if this is proven to be some type of "accident". Check your brokerage agreement and see if there is coverage on your account if anything happens. I may be mistaken and this is on the margin accounts, but anyhow I remember reading about it. Just an extra option of avenue if desired. I do hope something is done to help those of you that are in this predicament.
-------------------- I buy fast and sell faster!
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TD-Ameritrade toll me that I do not have a choice. They bought PAIV back for me at these higher prices. Why couldn't they just undo the friday's sell at .0009??? now I owe them (TDAmeriterade/PAIV) over $8,000. Please give me some advice!!!
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Wow that is rediculous. Not only did they buy them back for you, but now their restricted. I wonder when the shares will go unrestricted. Anyone know?
quote:Originally posted by skysthelimit: TD-Ameritrade toll me that I do not have a choice. They bought PAIV back for me at these higher prices. Why couldn't they just undo the friday's sell at .0009??? now I owe them (TDAmeriterade/PAIV) over $8,000. Please give me some advice!!!
posted
the shares were supposed to be restricted for 1 year.
quote:Originally posted by StockSampler: Wow that is rediculous. Not only did they buy them back for you, but now their restricted. I wonder when the shares will go unrestricted. Anyone know?
quote:Originally posted by skysthelimit: TD-Ameritrade toll me that I do not have a choice. They bought PAIV back for me at these higher prices. Why couldn't they just undo the friday's sell at .0009??? now I owe them (TDAmeriterade/PAIV) over $8,000. Please give me some advice!!!
posted
skys - this posted just now on RB, hope it helps. By: zambia123 23 May 2006, 01:59 PM EDT Msg. 54105 of 54107 Jump to msg. # PAIV Read this. Just got off the phone with investors relation and they told me that Ameritrade is at fault they took it upon them selfs to sell shares. I think they will definently be forced to cover.
posted
They can't really "undo" Friday's sell because it wouldn't be fair for the person who bought them from you. Basically someone has to buy them back, and unless you find someone generous to sell to you at way below market value, the difference has to come from somewhere. I've been saying this all along, but how can a mistake by Ameritrade cost someone like you? It just doesn't seem right, but I can't give you any more comfort than that.
quote:Originally posted by skysthelimit: TD-Ameritrade toll me that I do not have a choice. They bought PAIV back for me at these higher prices. Why couldn't they just undo the friday's sell at .0009??? now I owe them (TDAmeriterade/PAIV) over $8,000. Please give me some advice!!!
posted
I would think that Ameritrade/TD violated SEC regulations by selling the shares. They are your "broker", therefore they are the ones who should have never let the order go through. It would be different if you were a broker and personally made the order on the floor of the exchange, but that is obviously not the case. Anyone else agree?
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I agree 100% stocksampler, this has WRONG written all over it. Ameritrade made a mistake, THEY should make up for it, NOT the investor... There's probably a LOT of people out there that didn't know their shares would be restricted, people that assume since they were able to sell their shares that they were not restricted. I am shocked that Ameritrade forces Sky to give them $8000 for a mistake on THEIR part. I wonder if people can fight this...
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Ok.. I'm in the TD Ameritrade MARGIN handbook. I'm on page 10, and going to copy what it says. This is only if you have a margin account. And, if I'm reading this correctly.. I hope it helps our case: "Short selling can occur only in an account that has margin privileges and meets the minimum equity requirement of $2000. All orders to sell short a security must be so designated. Certain circumstances may prevent TD AMERITRADE from placing an order to establish, or from continuing to maintain, your short position. A short sale will not be placed if the stock cannot be borrowed. TD AMERITRADE must ask the lending brokerage firm to locate the shares requested for your order. All orders to short sell a security are subject to SEC and NASD execution rules. If the lending brokerage firm requests that the borrowed shares be returned, your brokerage firm must buy-in the shares which you are short, close out your short position, and deliver those borrowed shares back to the lending brokerage firm regardless of the profit or loss to you.... etc etc" Anyway.. it says "If a stock can be borrowed" If it's restricted.. how can it be borrowed??? My account still has the $2.3 mill margin call. I'm still short PAIV shs, and I still don't show my JPHC stock. All in all.. this is totally FUBAR'd
-------------------- "As long as there are dreamers, there are dreams that will come true."
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Of course they are in the position to know about the rules in force when shares are restricted. They operated the sell of the restricted shares.....You might not be well advice on what this was allowed or not, or even the conversion rate or whatever! They had to know about that, not you!
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When brokerages receive restricted shares do have have to make it impossible to sell technologically or just declare they are on restriction and leave the responsibility up to the customer?
-------------------- I buy fast and sell faster!
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well moneył that would be the correct thing to do, is to block those shares from being sold... not doing that is screwing people over, and this is exactly what's happening now
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I think his question is, what are the rules/laws? Do they HAVE to keep them from being sold or do they just do it to "be nice" and ultimately it's the responsability of the investor to know if they can make the trade or not.
quote:Originally posted by Hannibull: well moneył that would be the correct thing to do, is to block those shares from being sold... not doing that is screwing people over, and this is exactly what's happening now
posted
Hannibull, yes, it would be the "correct" thing to do but not everyone is ethical these days. I'm asking what about the legalities they are held to? Must they place restricted shares on an intradable status? If so, ya'll will have 25 mm rounds ready to aim and fire! If not some might be flinging .22 shells with a slingshot.
[ May 23, 2006, 14:39: Message edited by: MoneyMoneyMoney ]
-------------------- I buy fast and sell faster!
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I left a message for someone else to call me back with more answers. I will let you know what happens, as soon as I find out!!! For now, my account shows a LOSS $-8,400.00. And this is my Roth-IRA account(a non-marginable account) so I can not do a thing about the BIG LOSS! If anyone finds out anything, PLEASE Post.
posted
sorry money and pcola, can't answer that question, I didn't mean anything in an angry way though sorry if I confused you. I hope you guys can solve this... I'm disgusted with how Ameritrade handles this (Sky's situation)
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I do have other non-tradeable stocks in my account. Dividends from BKMP and PAIM. Those are clearly marked as non-tradeable. The PAIM divvies give the name and "DO NOT SELL" in the instrux. The ones from BKMP clearly says "RESTRICTED". These JPHC that became PAIV said nothing. All it shows in the 'N/A column of 2mill is ".462320850:1 EX 5/19" I just spoke to Ameritrade again. They still don't know what's going on. He said they're getting wires every 20min or so about it, and that nothing has been resolved yet.
-------------------- "As long as there are dreamers, there are dreams that will come true."
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I believe all in all, that Ameritrade is ultimately responsible for this mess, not the shareholders...they are the ones who engineer their trading platform and they are the ones who made it available for traders to trade these restricted stocks due to their negligence. If Ameritrade tries to pass the 'buck' down to the traders, I can see one hell of a class action law-suit.
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