Read this please. Ever since this stock was it's new symbol "SOCI" from it's old one "CHAT" it showed in my Scottrade account as "#CHAT". I couldn't buy or sell it. I called to scottrade and was told they didn't get some papers from the transfer agent. Anyways I get a letter a few days ago and now when I click the "#CHAT" symbol in my account it does not direct me to any stocks page, not even the SOCI page.
The letter is as follows:
Security Description: CHATCOM INC
161723101/CHAT#
Quantity: 28,000
"We are writing to you concerning your position described above and held in your account. There is no known market for the security and there is no known transfer agent service available. The security is therefore "Non-Transferable," which means that you cannot sell the position through us and we are unable to deliver a certificate to you representing your position. This security has been identified as being subject to the Non-Transferable Securities Certificate Program which is administered by our Security Depository Company, Depository Trust and Clearing Corporation ("DTCC"). Under this SEC-approved program Rule SR-DTCC-2003-03, DTCC will destroy certain certificates that represent positions in securities for which there have been no transfer agent services for 6 years or more. Once DTCC destroys the certificate, we will no longer report this position in your account.
DTCC will retain computer images of these certificates and of related positional information following destruction. These Transactions will not appear on Form 1099'B or any other tax reporting form. Please retain a copy of this letter and your statement for records. If the Corporation reopens its transfer books, we will reinstate your position. Securities reinstated to your account will remain subject to the terms and conditions previously disclosed to you at or after the opening, which include, without limitation, account maintenance fees and asset liquidation to satisfy fee payment.
In lieu of physical certificates, we agree to at all times indemnify and hold you harmless from and against any and all claims, liabilities, damages, and charges and expenses sustained or incurred that are directly attributable to the lack of an original certificate.
We suggest you consult with your tax or financial advisor to determine the consequences to you of this designation.
Scottrade, Inc.
AI
