You can File the SEC Complanit and NASD Complaint from the links below in my previous post. Tell Scottrade you are doing so within 5 days if they do not cooperate with the T/A. I have spoken with T/A on this issue. He is a very busy man and at times he isoverloades with phone calls. He is in Colorado.
Very Important Scottrade and other Brokers on Paiv Restricted Shares
I talked three hours today to the Paiv Transfer Agent at Phone #1- 303-783-9055 and to Scottrade Compliance Dept Phone # 1-800-888-1980 EXT 1900. This is what I found out.
I would first suggest that you find out the phone number of your broker’s Compliance Dept as I did and call them to request your Paiv Restricted Shares be sent to you in your name to your home address.
You must do this otherwise the Brokerages will not do anything to help you. They are out to help themselves... The Transfer Agent and the Company Paiv have done everything they can do, it’s the Brokerages that are not cooperating because they shorted JPHC and Paiv., they got greedy and are now caught in that greed, it is up to the Shereholders of JPHC to start complaining to their Brokerage Compliance Dept. that serves him or her. You as a client signed an agreement with your Brokerage Firm and have every right to do this. The Brokerages have been telling everyone different stories to buy time because they are making huge money from shorting JPHC and PAIV.
This is what I found out today July 14, 2006 about Scottrade who is my broker about my JPHC Shares. Now remember other Brokerages are doing the same thing .This is in three Parts A, B and C.
Part A
All of our JPHC Shares were held in CEDE&CO. All of out JPHC Shares were sent to the PAIV Transfer Agent by CEDE&CO.
The Transfer Agent has all the names and share totals for all JPHC shareholders that were sent to them by CEDE&CO.
This was done two months ago. The Transfer Agent faxed all Brokerages two months ago with detailed instructions for the Brokerages to follow.so that the JPHC shares could be converted to PAIV restricted Shares and sent to the owners of those Paiv Restricted Shares at their home address.
The Transfer Agent asked for the Name, Address, Social Securtity number and the amount of JPHC Shares held in the clients account.
Now how hard is this to do, it is all done electronically.
The Transfer Agent right now has all the PAIV Restricted Shares ready to be mailed out to us at our home addresses.
So why would the Brokerages not do what the Transfer Asked them to do. This is why.
Part B
I found this out while talking to the Transfer Agent, The Transfer Agent added up all the JPHC Shares that CEDE&CO sent them.
There was a HUGE Discrepency in the total JPHC share count that CEDE&CO sent to the Transfer Agent compared to what the Brokerage Participents Share Count.stated.
Why? Because a large number of brokers loaned out JPHC Shares to other participants to cover short sales which caused the huge share price drop in Paiv which caused the huge share number difference in what CEDE&CO sent the Transfer Agent compared to the Brokerage Participants JPHC totals.
For Scottrade my Broker they loaned JPHC Shares to Merill Lynch.
Other Brokerages did the same thing with many different brokerage Firms.
For Scottrade to correct this situation they have to demand the return of all the JPHC Shares from Merill Lynch or Scottrade has to buy in Merill Lynch based on the original transaction with merill Lynch.
This is what Scottrade is trying to get out of and why they along with other brokerage firms are not cooperating with the Transfer Agentfor PAIV.
The Brokerages also want to keep your PAIV Restricted Shares in their own Vault. Why? So when the restriction is lifted they can short the shares and start this process all over again.
They can not do this if you have the Shares in your name held by you. Here is the PAIV Press release for June29, 2006 stating the procedure for the Brokers to follow. I called my Broker Scottrade on June 30, 2006 and was told everything would be taken care of by Scottade and they knew of the Press release issued by Paiv. I called again on July 13, 2006 and was told that my JPHC shares were sent to the T/A and that within 5 days i should have my Paiv shares. I called again on july 14, 2006 and was told by numerous parties that Compliance was aware of the situation and working on it. I asked for the Compliance Dept number and received another story. I then called the Transfer Agent along with Loyola. The Transfer Agent talked to Scottrade and gave them specific Instrutions for the second time. These conversations took 3 hours. Press Release June 29, 2006 Paiv. http://biz.yahoo.com/iw/060629/0140620.html
PartC
This is what I was advised to do after tallking to the Transfer Agent of Paiv phone # 1-303-783-9055 and the Investor Relation firm Loyola used for Paiv phone # 1-702-317-2300.
I also found out there will be a fee of $25.00 per Cert. If you have two accounts it is $50.00.
By all means call numbers I listed above and ask your own Questions. Use my post for a reference and remember the Broker is out for themselves and making money, expect to be told stories by all the Brokerage firms involved in this fiascal and remember demand your Paiv Restricted Shares sent to your address in your name.
So with this information I found out today and on the advice I was given I called Scottrade Compliance Dept and left a message that I as a Scottrade Clinent and shareholder of JPHC shares will file an SEC Compaint against Scottrade for their refusal in cooperating with the above parties mentioned in giving me my Paiv Restricted Shares that I am entitled to mailed to my home address in my name.. I stated that if I did not have my Restricted Paiv shares within 10 days from today July 14, 2006 I would begin my SEC Complaint. against Scottrade, I will also file a Complaint with
Expect a song and dance from your Brokers saying that Latimere and DTC are involved. Do not fall for this and verify what I am posting here with the Paiv Transfer Agent..
Also I found out that the only way to stop Firms from Shorting Stock is for you the client to ask and sign an agreement with your Broker that they are not to loan your shares out. They will not tell you about this agreement you have to ask them for it. If they do loan your shares out you can sue them. Putting a Sell order above the price of a stock does not tie your shares up as some think it stops the firms from shorting.
I hope this helps and call your Compliance Dept right away.
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posted
i called agian to my broker and he said we are waiting , i said on what , he said just waiting , friggin BS , then i called ADP , he put me on hold and came back 2 minutes later and said he would half to get in touch with the reorg dept. , and said he would call me back after noon somtime , , i'll give it to 1:30 and will be calling them back ,
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posted
Damm damm damm damm.... that's all I can do at the moment and also hold my shares tightly until they give me the pps I want to sell them at.
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I already lodged complaints to the SEC (enforcement*sec.gov) all we can do is wait now. Im sure your brokerage firm does not want to have continuous complaints lodged to the SEC.
-------------------- Why not make some money, Everyone else is!!!
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posted
Guys, I have a bad feeling here. I don't want to sound like a basher, as I'm still holding a lot of shares, but if we think about this logically, it doesn't paint a pretty picture.
As of July 11th, there were 239million shares shorted. Brokers knew this list was coming out on the 25th, and so they had 10 trading days to cover the shorts before the list was published. If you look at the volume, from the 11th-21st there was 488 million shares traded. If over those 9 trading days they covered all of their shorts, that means that people like us bought the other 249 million shares. Say the average price over that time was around 5 cents that's $12.5 million from people like us. I can't honestly think that retail investors put much more than that into this stock. So then the volume dropped off the face of the earth to 10, 11.5, 7.1 and 1.2 million the last 4 days.
Is it possible that the brokers already are done covering and the last 4 days we were all just trading with ourselves?
Someone please tell me a flaw in my logic, I feel kinda sick to my stomach.
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posted
Good question. I guess it's possible that there were never "billions" shorted. The first two days of the fiasco (Friday and Monday) there were about 1.5 billion shares traded. By the end of Monday, we all knew that the shares were definitely supposed to be restricted, so it would be kinda dumb to believe that shares were still being shorted heavily by Tuesday. I also don't believe that anywhere near all of the 1.5 billion shares traded were actual shorts, and not just the same shares being traded between us retail investors. I know I myself bought and sold somewhere around 20 million shares that week, and I'm sure lots of other people did the same.
I have to believe that it's at least possible that the shares have all been covered. Ugh
quote:Originally posted by yolkarmy: pcola, but what about the billions traded on that day?
posted
Sucks, but I bailed too. I had more money in this than I was comfortable having. I f***ed up big time. Too scared to risk losing anymore. If it really is a MM game, they beat me bad. If my "analysis" is right, this has potential to get a lot worse as people get sick of holding and bail.
What it does show us is that if people really had held strong, this could have been the short squeeze of a lifetime, because as of just 2 weeks ago there was 1000% of the float being shorted. Can't say 35,000% isn't impressive, but it could have been better.
quote:Originally posted by sportsguy: I guess the bottom line is we're done fellas. At least I am.
quote:Originally posted by PCola77: Sucks, but I bailed too. I had more money in this than I was comfortable having. I f***ed up big time. Too scared to risk losing anymore. If it really is a MM game, they beat me bad. If my "analysis" is right, this has potential to get a lot worse as people get sick of holding and bail.
What it does show us is that if people really had held strong, this could have been the short squeeze of a lifetime. Can't say 35,000% isn't impressive, but it could have been better.
quote:Originally posted by sportsguy: I guess the bottom line is we're done fellas. At least I am.
PCola77, the way you think is what MM's are hoping for! I can only hope the rest of the people will hold ...
WHY ? because they are still short !!!! they are trying to bring the PPS down, with every little trick they have, so they can cover there shorts on a lower price. Don't let them fool us !!!!
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posted
[/qb][/QUOTE][/qb][/QUOTE]PCola77, the way you think is what MM's are hoping for! I can only hope the rest of the people will hold ...
WHY ? because they are still short !!!! they are trying to bring the PPS down, with every little trick they have, so they can cover there shorts on a lower price. Don't let them fool us !!!! [/QB][/QUOTE]
That's exactly my thinking, bring it down with so little vol. So they dont have to pay that much when they need to cover the shorts. I'm just simply gonna hold that's final.
posted
brackep, can you point out somethign incorrect in my analysis that makes youi sure that they are still short, or is it just a gut feeling, or instinct or hope? I can't justify having as much money in there as I did with just "feelings", or "hope". Back when the numbers made sense that they were defintely short, I could justify it. However I screwed up and didn't take my profits. I got $ in my eyes and was hoping that this would be my big winner. If you can give me a reason based on facts or evidence, I'd be fine jumping back in with a smaller amount, but I just got a bad feeling this morning when it went up and then came back down hard.
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- the fact is that legally the restricted shares that flooded the market have to be bought back. That's a fact. The number of restricted shares sold back in May far exceeds our volume traded since then. The brokers/MM's LEGALLY have to buy these back before shareholders can receive their certs. They can't delay this forever. The PPS will go higher as long as people who currently hold paivis shares hold for higher prices and not let the MM's shake cheap shares. -
- It's supply and demand...we have the supply that TDA/MM's need (demand) to cover. If we hold, they have to increase the pps to a level that will entice shareholders to sell. -
PCola77 and others you know by now how many shares there has been shorted:
July 1 - July 15 : 239 million Before July 1 : +- 4 billion (let's say 2 billion) After July 15 - till now : ???
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posted
i just got off the phone with loyola , she sad to expect a letter in the mail today or so , and that this is not an electronic thing , the brokers need to send paper certs to the TA . i guess we knew all that but i didn't know that it wasn't going to be electronic
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posted
There are too many incorrect statements in that calculation. First is that there were 2-4 billion shares shorted. AS I said earlier. The TOTAL shares traded on those first two days was 1.5 billion. You can't possibly think that they inadvertantly shorted any more since that date, especially since we all know that Ameritrade suspended sll orders as of that Tuesday. And of those 1.5 billion shares, you can guarantee that not even close to the full # of trades were shorts, because people like myself were buying and selling shares like crazy. Even if you say that they shorted all 1.5 billion shares, there has been almost 2.5 billion shares traded since days 1 and 2. My only point is that there is really nothing to assure us that the shares haven't been covered by now. Like I said, prove me otherwise and I'll get back in as quickly as I can, but I just can't be confident that there is any kind of short squeeze left.
the second problem is that you're saying 2-4 billion shares were shorted and another 239million from July 1-15. I'm pretty sure you're not reading the report correctly. As of July 11th, there were 239 million shares shorted. That doesn't mean that there were 239million shares shorted from July 1-15, it means tha tthe total uncovered shorts on the books as of July 11th is 239 million. So if you assume there were 1.5 billion shares shorted in those first two days, then 1.3 billion were already covered by July 11th. It's not a cumulative number, it's a snapshot as of July 11th.
quote:Originally posted by brackep: nicely said on another board:
- the fact is that legally the restricted shares that flooded the market have to be bought back. That's a fact. The number of restricted shares sold back in May far exceeds our volume traded since then. The brokers/MM's LEGALLY have to buy these back before shareholders can receive their certs. They can't delay this forever. The PPS will go higher as long as people who currently hold paivis shares hold for higher prices and not let the MM's shake cheap shares. -
- It's supply and demand...we have the supply that TDA/MM's need (demand) to cover. If we hold, they have to increase the pps to a level that will entice shareholders to sell. -
PCola77 and others you know by now how many shares there has been shorted:
July 1 - July 15 : 239 million Before July 1 : +- 4 billion (let's say 2 billion) After July 15 - till now : ???
"Firms are required to report their short positions as of settlement on the 15th of each month, or the preceding business day if the 15th is not a business day. The reports must be filed by the second business day after the reporting settlement date. The short interest data is compiled and provided for publication on the 8th business day after the reporting settlement date."
This is saying that as of July 15th, the total short positions for all brokers was 239million, not 239 million + billions from the previous month.
quote:Originally posted by brackep: "I'm pretty sure you're not reading the report correctly."
post the report and point me out to where I'm wrong plz
posted
I would believe you if you could choose all months before July 2006. Then you could actually see some difference. But now ... I'm just gonna stick to what I think is right.
Again: - the fact is that legally the restricted shares that flooded the market have to be bought back. That's a fact. The number of restricted shares sold back in May far exceeds our volume traded since then. The brokers/MM's LEGALLY have to buy these back before shareholders can receive their certs. They can't delay this forever. The PPS will go higher as long as people who currently hold paivis shares hold for higher prices and not let the MM's shake cheap shares. -
It's a lot more then 239 million shares short they have to cover.
No hard Feelings ... I hope you had a great time and made a few $
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posted
You can't choose months before July since the law just went into effect. You probably already know that though. Anyway, it shows a column for previous month, current month, and % change. That wouldn't make sense unless it's at a point in time. Also, it flat out SAYS it's as of a certain date, I don't see much room for interpretation there.
Not trying to be a jerk or anything, just showing the other side. Too many times we all get caught up in the hype, and put blinders on to the risks. I forget who posted it, but someone earlier in this thread said "People blame the market makers all the way into bankruptcy." As soon as I saw that I thought "He's right, I should probably sell" and of course I made the same mistake I, and a lot of other people make, and said ot myself "No, THIS is the stock that's different from all the rest."
quote:Originally posted by brackep: I would believe you if you could choose all months before July 2006. Then you could actually see some difference. But now ... I'm just gonna stick to what I think is right.
Again: - the fact is that legally the restricted shares that flooded the market have to be bought back. That's a fact. The number of restricted shares sold back in May far exceeds our volume traded since then. The brokers/MM's LEGALLY have to buy these back before shareholders can receive their certs. They can't delay this forever. The PPS will go higher as long as people who currently hold paivis shares hold for higher prices and not let the MM's shake cheap shares. -
It's a lot more then 239 million shares short they have to cover.
No hard Feelings ... I hope you had a great time and made a few $
It says: "Short Interest FOR July 2006" This means only for July 2006 or, if this is wrong then they need to change that to "Short Interest TILL July 2006"
Could someone e-mail otcbb.com or any other instance so we can clear this out ?
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A very simple understanding of a short cover. First let me make clear that there is no set timeframe to cover a short position. Unlike a "put or call" when trading options, a short position can theoretically remain open indefinitely. A short position must be covered when the broker has no recourse but to initiate a margin call on the shorted position....period. Brokers "borrow" your shares as a "street name" cert from their own clients, other brokers accounts, or their own holdings to "cover" the cert transfer. By making those certs unavailable,( we will have them framed and hanging on the wall) that takes your shares out of the trading pool. The smaller the pool of "street name" shares available to the brokers, the more difficult for them to cover those phantom....or real shares when we force them to place a margin call on some shorts by requesting our certs.
We know there are potentially billions of phantom shares out there, and by requesting your cert for your restricted as well as "free trade" shares you may have purchsed, this puts the brokers in the position to supply certs that don't exist. What do they do then? They have to reduce the number of phantom "free trade" shares and remove those phantom shares from the market because they don't have the required "street name" certs to cover and convert to YOUR free trade certs YOU want to frame and hang on the wall. How do they do this? They must purchase them on the open market....for a price. Now....it can get quite complicated from here. Since the brokers hold in street name all these billions of shares, they can electronically use your shares to cover other positions over and over and over....effectively removing those phantom shares from the market. You see TDA mm on the bid/ask...what do you think they are doing. But...they are in competition with you and me to get those shares, so they will do a lot of manipulating in order to cover what they can and remove those phantom shares. Hence the stalling by the brokers to give up our information to the TA. Once they no longer possess our shares in street name, they have a much smaller pool to take a dip in. Eventually, a price will have to be paid to clear up this mess, and with only ~23m float out there, and us attempting to buy what we can of that to keep away from them, I see a potential for this to afford us all an opportunity to make some great bucks along the way.
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posted
It's semantics. "Short Interest FOR July 2006" means for the July report, which, it clearly states is AS OF July 15th. I'll shoot an e-mail to OTCBB.com and see if I can get any clarification (if I can find an e-mail address) and post if I get a reply.
quote:Originally posted by brackep: PAIVIS CORP (PAIV) OTC Type: OTCBB
Short Interest for July 2006
Short Interest: 239,455,555
Percent Change: 100.00
Average Daily Share Volume: 22,135,113
Days to Cover: 10.82
It says: "Short Interest FOR July 2006" This means only for July 2006 or, if this is wrong then they need to change that to "Short Interest TILL July 2006"
Could someone e-mail otcbb.com or any other instance so we can clear this out ?
posted
ok i am on the phone with my broker and point blank asked them if they have surrendered my jphc shares , after getting the run around 3 times she reluctantly said NO
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