posted
I'm not sure, realtor. I have the same problem as you with Etrade. I contacted E*Trade and the QBIT CEO. Here are their responses. According to the QBIT CEO the shares are not restricted, but there is a communication problem between the TA and QBIT's share agents. It's kind of a joke.
E*Trade still thinks the shares are restricted. I forwarded the CEO's response to E*Trade's custome service- they've been pretty useless lately.
QBIT: The transaction was and is a split. Qbit has made that clear to our Shareholders.
Account holders of our Shareholders remain effected depending on which brokerage or trust company is the Shareholder. This is particularly true for account holders of account holders of our Shareholders, i.e., Qbit has trust companies as Shareholders who have brokerages as account holders who have individuals as account holders who have "beneficial ownership" of Qbit shares owned by the trust. While everything is understood and clear between Qbit and our Shareholder (the trust in the example), the situation dissolves in clarity on the way to the ultimate account holder.
Mike Skillern
Etrade: Dear Mr. XXX,
Thank you for your inquiry regarding your restricted position in your account.
In researching your account I found the following notes regarding your QBIT position: "payment changed to restricted shares. still awaiting payment for restricted stock."
I apologize for the inconvenience this has caused you.
Thank you for choosing E*Trade Financial for your investing, banking and lending needs. We encourage you to continue using the Help Center for any assistance in the future. You are also welcome to call us at 1-800-ETRADE1 (800-387-2331) between 7AM and 12AM EST, seven days a week. International customers please dial 1-916-636-2510.
Sincerely,
Patricia Robertson (801) 617-5673 M - F 8:00 am - 5:00 pm MT Financial Services Representative E*TRADE Securities LLC ***** I responded with this:
The shares should not be restricted. I wrote Qbit CEO and he his response is included below. His explanation is poor, but basically it says there is a communication problem with the transfer agent and the brokerages.
The transaction was and is a split. Qbit has made that clear to our Shareholders.
Account holders of our Shareholders remain effected depending on which brokerage or trust company is the Shareholder. This is particularly true for account holders of account holders of our Shareholders, i.e., Qbit has trust companies as Shareholders who have brokerages as account holders who have individuals as account holders who have beneficial ownership of Qbit shares owned by the trust. While everything is understood and clear between Qbit and our Shareholder (the trust in the example), the situation dissolves in clarity on the way to the ultimate account holder.
Mike Skillern ****** They responded with this: Dear XXXXXXXXX, Our records indicate that your message (060916-1180) submitted to E*TRADE FINANCIAL on Sep 16, 2006 07:06 PM ET was addressed by a financial services representative. If you feel that your message was not properly addressed or you have further concerns, please reply to this message or contact customer service at 1-800-ETRADE-1 (1-800-387-2331). Sincerely, E*TRADE FINANCIAL Customer Service
*****************************
Given the confusion, I think there's a chance this thing runs yet again, so stay tuned folks.
Posts: 949 | From: Little Rock, AR | Registered: Dec 2005
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posted
Do you think broker E-Trade or Scottrade took our shares and made a short sell when QBIT hit $.014 for profit ? Then they can release the shares to us when QBIT go down to $.0011 !
Posts: 156 | From: Rochester | Registered: Sep 2006
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Today’s Price Performance as of 10:22am EDT, 9/18/2006 Option Chains Margin Requirements Interactive Chart
Loading Chart1 Day | 5 Day | 6 Mo | 1 Yr | 3 Yr | 5 Yr $0.0044 Last Price 0.0005 +12.82% Today’s Change $0.0038 Today’s Open 9,775,571 Average Today’s Volume
-------------------- All I say is IMHO.
I like these calm little moments before the storm... Reminds me of Bethoven Posts: 3255 | From: Orlando, FL | Registered: Mar 2006
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Today’s Price Performance as of 10:40am EDT, 9/18/2006 Option Chains Margin Requirements Interactive Chart
Loading Chart1 Day | 5 Day | 6 Mo | 1 Yr | 3 Yr | 5 Yr $0.0047 Last Price 0.0008 +20.51% Today’s Change $0.0038 Today’s Open 12,993,150 Average Today’s Volume
-------------------- All I say is IMHO.
I like these calm little moments before the storm... Reminds me of Bethoven Posts: 3255 | From: Orlando, FL | Registered: Mar 2006
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posted
MM's trying to grab some cheap shares before the big run; many people still have to cover their shorts
Posts: 4071 | Registered: Dec 2005
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posted
Is anyone still holding this stock ? I am bagholder, bought some at $.011 , now it is only $.0029. Do you think it will go back to $.01 again ?
Posts: 156 | From: Rochester | Registered: Sep 2006
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posted
Why would this go back up? What do they have to offer? Didn't it run because of a split mess up? Now that everyone has their shares why would this go back up?
-------------------- Disclaimer: Not accountable for anything I say Posts: 6266 | Registered: Jun 2004
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posted
I dont think everyone covered their shorts yet, thats why there's still a restriction on buying with some brokers like scottrade. once the restriction is removed we should see a run imo
Posts: 4071 | Registered: Dec 2005
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quote:Originally posted by stocktrader22: Why would this go back up? What do they have to offer? Didn't it run because of a split mess up? Now that everyone has their shares why would this go back up?
Back in here..hoping for a bounce. Stocktrader22 stocks go up and down. This thing could be an on-going opportunity due to short covering, brokerage screw-ups and could have a nice technical bounce after this sell-off
Posts: 2292 | Registered: Mar 2005
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i'd like to take another chunk on thisin![[Eek!]](eek.gif)
