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Author Topic: Reverse Splits: When will my account be updated???
JerZeyDeViL
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So...I finally experienced my first R/S and was hoping someone could help me out. The new symbol just started trading today and scottrade hasn't updated it yet. It's already trading and other people I've spoken to who use other brokerages aren't having this problem. So I shoot scottrade an email and this is what I get:

" Dear Investor:

Thank you for your e-mail. When a stock goes through any type of
reorganization (forward/reverse split, name change, etc.), the shares
will be credited as soon as payment is received from the transfer agent.
At this time, we have no estimated date of payment on the shares of
CDIV. There will be no delay to posting once the shares are delivered
for deposit.

We apologize for the inconvenience and appreciate your patience.


I don't get it?? No other brokerages have this problem?? And they can't even tell me when my account will be updated?? Has anyone else ever had a problem like this and when can I expect it to be resolved??

Any help would be greatly appreciated!

Posts: 596 | From: New Jersey | Registered: Apr 2006  |  IP: Logged | Report this post to a Moderator
T e x
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well, I see you've already asked at da hub...it sure had a nice day, eh?

This is a straight r/s? no merger? no round-ups?

--------------------
Nashoba Holba Chepulechi
Adventures in microcapitalism...

Posts: 21062 | From: Fort Worth | Registered: Apr 2005  |  IP: Logged | Report this post to a Moderator
JerZeyDeViL
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Yea...just a straight R/S...was pretty weird cause the share structure was already so low. Seems like somethings in the works, especially with the way the L2's look already.

So....your the man with the experience around here =) Can you help me out with my question?? Do you have any idea how long it could take for the change to be made with my broker?

Posts: 596 | From: New Jersey | Registered: Apr 2006  |  IP: Logged | Report this post to a Moderator
T e x
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straight r/s should just go through...

can you find out the TA?

--------------------
Nashoba Holba Chepulechi
Adventures in microcapitalism...

Posts: 21062 | From: Fort Worth | Registered: Apr 2005  |  IP: Logged | Report this post to a Moderator
JerZeyDeViL
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Yea...weird....the TA is SIGNATURE STOCK TRANSFER, INC. The couple people that responded on the hub said they were told about 3 days. Scottrade told me they have no idea, lol
Posts: 596 | From: New Jersey | Registered: Apr 2006  |  IP: Logged | Report this post to a Moderator
T e x
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who did you speak with at Scottie? kid on the front desk?

--------------------
Nashoba Holba Chepulechi
Adventures in microcapitalism...

Posts: 21062 | From: Fort Worth | Registered: Apr 2005  |  IP: Logged | Report this post to a Moderator
JerZeyDeViL
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haha...I was at work so I actually emailed them. This is what they had to say

" Dear Investor:

Thank you for your e-mail. When a stock goes through any type of
reorganization (forward/reverse split, name change, etc.), the shares
will be credited as soon as payment is received from the transfer agent.
At this time, we have no estimated date of payment on the shares of
CDIV. There will be no delay to posting once the shares are delivered
for deposit.

We apologize for the inconvenience and appreciate your patience."

Posts: 596 | From: New Jersey | Registered: Apr 2006  |  IP: Logged | Report this post to a Moderator
T e x
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oh, yeah, I saw that...so that was support*scottrade.com, right?

OK, get in touch with the TA and verify whether Scottrade needs to request,and if so, have they done so...

--------------------
Nashoba Holba Chepulechi
Adventures in microcapitalism...

Posts: 21062 | From: Fort Worth | Registered: Apr 2005  |  IP: Logged | Report this post to a Moderator
JerZeyDeViL
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Yes it was...I'll look into it. Thx!
Posts: 596 | From: New Jersey | Registered: Apr 2006  |  IP: Logged | Report this post to a Moderator
beechwood
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I don't care what anybody says.
The only good R/S is no R/S.

Posts: 669 | From: Gouldsboro, Pa. | Registered: May 2006  |  IP: Logged | Report this post to a Moderator
   

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