posted
What did you sell, APOA, PAIV, or JPHC? I'm totally confused. All I have is 'NA' for JPHC shares in my account.
Posts: 256 | Registered: Oct 2005
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posted
sportsguy, on ameritrade the JPHC shares turned into PAIV this morning, there was no more JPHC shares to be found
Posts: 1091 | From: Brugge, Belgium / Dallas TX USA | Registered: May 2006
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posted
Ok, I just got off the phone with Scottrade. The guy said he could put the trade through for me now, but I was responsible for any problems, like if the conditions of the merger changed. Not sure what would happen to me if the shares were restricted that I sold.
If you want to sell, call your local Scottrade office and see if they can do the same for you.
I got out at .001, and of course it's now up to .0013 Oh well, just glad to have the funds freed up again. Chalk this 50% loss up to being greedy for a "sure thing".
Posts: 5508 | From: Southeastern PA | Registered: Jan 2006
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posted
OK - I got the first reponse from them. I asked them again and will post their reply when I get it. Here is the latest:
Then please explain why Ameritrade has already given their clients the correct shares and they are already able to trade their shares? If one can trade then we should all be able to trade. Please explain how this can happen and whether it is a matter of which brokerage is more qualified to respond to their shareholders in a timely manner. I will be letting many other shareholders view your previous and future response and they will decide if scottrade is help or hindrance to their trading needs. So far, with the discussion I've seen, Scottrade is very slow to put mergers and other items into place at a reasonable time. I believe the SEC should also be made aware that some brokerage houses immediately take care of their clients and some give excuses. Which does Scottrade wish to be viewed? I await your response.
----- Original Message ----- From: "Scottrade Customer Support" <support*scottrade.com> To: <_______*comcast.net> Sent: Friday, May 19, 2006 9:53 AM Subject: RE: Trading
Dear Investor,
Thank you for your email. Scottrade does not credit money or stock until we have received it from the Depository Trust Company. You can sell the new shares you are entitled to but you will need to contact your local branch. You will also be held responsible to calculate the shares you are entitled to and if the rate or amount is changed you will be required to cover the difference. Scottrade is not restricting you from selling your shares if you so desire. We simply do not credit the shares until received because companies may change the terms of the offer.
Please let us know if you have any further questions. ----- Sincerely, Charlie M. > Scottrade has been named Highest in Investor Satisfaction With Online Trading Services Six Times in a Row by J.D. Power and Associates. For award information, visit www.jdpower.com.
-----Original Message----- From: ___*comcast.net [mailto:___*comcast.net] Sent: Friday, May 19, 2006 9:46 AM To: Scottrade Customer Support Subject: Trading
Many of us are discussing the JPHC merger and the changing of our shares to APOA and PAIV, whatever it is supposed to be. We got this from a former broker: "Dude, share price is moving up! Scottrade is screwing you! They are LYING! It has nothing to do with having shares.
Like I've said in the past, I was a broker (Series 7,63,24,4,55,53 licensed) and worked at Datek (now Ameritrade). When stock symbols change, the Reorg dept. just had to update all accounts in the system.
Scottrade is feeding you a whole lot of BS."
Is this correct? I have another trading account and if this is indeed the case, please expect me to move by business away from Scottrade. I will investigate further and if it can be done immediately, I suggest it be taken care of immediately or a number of clients will find another broker.
Posts: 2132 | Registered: Sep 2004
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Thank you for your email. Scottrade does not credit money or stock until we have received it from the Depository Trust Company. You can sell the new shares you are entitled to but you will need to contact your local branch. You will also be held responsible to calculate the shares you are entitled to and if the rate or amount is changed you will be required to cover the difference. Scottrade is not restricting you from selling your shares if you so desire. We simply do not credit the shares until received because companies may change the terms of the offer.
Ummm, mabey the Ameritrade people should check with their brokers, just to protect themselfs....
-------------------- "Remember... no matter where you go, there you are." - Mad Max Beyond Thunderdome Posts: 261 | From: BFE | Registered: Jan 2005
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F...I am still holding, I have a feeling about this company being macro now. I could be wrong, if so its only $1300 I lose. Its still worth the risk in my opinion.
Posts: 122 | Registered: Aug 2005
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Guys, here's my take, and I've been wrong at pretty much every turn, so do the opposite of what I say...
Come Monday morning when EVERYONE can trade their PAIV, there will be another big selloff. Regardless of whether you believe in Macro or not, I'd recommend gewtting out at some point today and getting in cheaper on Monday.
Just my opinion.
Posts: 5508 | From: Southeastern PA | Registered: Jan 2006
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posted
I just talked to the new Paiv investor relations and he said that the JPHC shares are restricted and anybody that is selling there former JPHC shares here is going to have to buy them back or the broker will have to buy thaem back. He thinks most of the shares that were traded today were former JPHC share holders that sold. The company is comming out with a PR later today to explan the whole thing.
Posts: 41 | From: USA | Registered: Feb 2006
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posted
Once again, cluster**** is the right word, Repo. This is crazy. "Like the sands of an hourglass, these are the days of our lives."
quote:Originally posted by eagleye: I just talked to the new Paiv investor relations and he said that the JPHC shares are restricted and anybody that is selling there former JPHC shares here is going to have to buy them back or the broker will have to buy thaem back. He thinks most of the shares that were traded today were former JPHC share holders that sold. The company is comming out with a PR later today to explan the whole thing.
Posts: 5508 | From: Southeastern PA | Registered: Jan 2006
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posted
eagleye, I also, just talked to the investor relations * PAIV. (1-800-963-6471) JPHC shares ARE RESTRICTED! He also commented that if you sold your restricted shares somebody is gonna pay! Broker or shareholder, whoever is taking responsibility for the sale! He said, that is why brokers have insurance. So if you took responsibility for selling your shares on Scottrade you'll have to cover.
Posts: 69 | From: Seattle | Registered: May 2006
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Couldn't sell on Scottrade.. thank god!! Scottrade suck? Nope just lokin out for their people, and not allowing it. Course I don't have much in my accout either...
-------------------- "Remember... no matter where you go, there you are." - Mad Max Beyond Thunderdome Posts: 261 | From: BFE | Registered: Jan 2005
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Thanks eagleye, I called PAIV and talked with Glenn at shareholder relations. I asked him why the pps has dropped so much today. He said, he was'nt sure also. He also added that the CEO was checking into the strange trading activity and as soon as he found out he would release a PR possibly as soon as today! Also, I asked about the APOA and the JPHC shares , if they were restricted? He said, The APOA new dividend shares and the JPHC shares are RESTRICTED! He also said, there was a float of around 55 million shares of the original APOA shares!! Hmmmmm, I wonder, where all these shares have come from? Do I see a short squeeze coming? I wonder if this is a buying oppty???
-------------------- "The greatest risk is to take no risk at all" Posts: 54 | Registered: Apr 2006
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that's bullsh** though! if the broker allows you to sell restricted shares then THEY are at fault because THEY should block those shares from being sold, period! Are you going to tell me every investor knew these shares would be restricted? If a not-knowing investor sells his shares (is ABLE to sell his shares), then the investor assumes the shares are not restricted, and he's not to blame for anything. Forcing investors to buy back those shares just because THEY made a mistake would be totally unfair. I was in for so small I'm not even going to look at this anymore, for me this is a closed case.
[ May 19, 2006, 13:06: Message edited by: Hannibull ]
Posts: 1091 | From: Brugge, Belgium / Dallas TX USA | Registered: May 2006
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posted
If all the people who sold today shares that were supposed to be restricted, there is going to be a margin call squeeze on Mon, Tues, and Wed. I may buy today.
-------------------- Stick with Repo's plan in '07 - FRPT/DKAM! Posts: 6379 | From: PA | Registered: Dec 2004
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I think your right Repoman75 and this stock with only 55 million float could go back to .005 or higher
Posts: 41 | From: USA | Registered: Feb 2006
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I'm pondering it.... if they break the trades even, the customer goes long again, which means the brokerage has to buy back to go even... either way, it's a squeeze.
-------------------- Stick with Repo's plan in '07 - FRPT/DKAM! Posts: 6379 | From: PA | Registered: Dec 2004
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It happens frequently but usually, you just don't hear about it. Halting won't do anything. Bottom line is, sooner or later, somebody has to buy.
-------------------- Stick with Repo's plan in '07 - FRPT/DKAM! Posts: 6379 | From: PA | Registered: Dec 2004
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I doubt a significant number of investors were able to sell restricted shares, if this runs it will have little to do with that IMO, this mornings free fall to 0007 and the bounce that had to follow are pushing this now, it`s MOMO and it may keep going IMO.
Posts: 2503 | From: connecticut | Registered: Mar 2005
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Ameritrade made the mistake of changing the symbol and making assumptions about restrictions before receiving the shares from DTC. When restricted shares are received, they have a legend on them. Ameritrade was doing its customers a favor by putting the new shares in the accounts before they received the shares, but their REORG dept. should have called DTC to check on restrictions.
-------------------- Stick with Repo's plan in '07 - FRPT/DKAM! Posts: 6379 | From: PA | Registered: Dec 2004
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posted
So, if they break the sales of restricted shares, or if there is a squeeze play, will the PPS go back up to near .01 - the price where it closed the previous day?
Posts: 2554 | Registered: Nov 2005
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Oh well, just glad to have the funds freed up again. Chalk this 50% loss up to being greedy for a "sure thing".
