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Im filing a complaint with these guys too with the SEC and FINRA. Yeah they shouldnt be able to get a way with it.imo But man if they would have put the round up wording on the DL they would have been toast.
Thanks, Discovery. Please keep us updated on your progress.
Wait a minute don't give up. If they filed with the SEC and they're publicly traded, they should not be allowed to get away with it. I am going to call my broker on Monday. If they think I'm going to go down without a fight, they are totally wrong. This may be the fight I have looking for my whole life. One to sink my teeth into. Class action with about 1 million shareholders( slightly overstated maybe) in my opinion. If I don't get the answer I want on Monday I will be going on a one person crusade. Viva Zapata.
According to the DEF 14C you had to hold the shares in your account on or before Nov 19th. If after Nov 19th, no special treatment will be afforded.
agreed...
scit 'em!
Broker level? Every round up play states shareholder, not broker. SEC here we come.
I may have to get to it later tonight. We all can file complaints. Its not that hard and all electronic. If we can get 50 of these then that will work. More added pressure to the company and T/A.
I got the following response from my broker:
"I have been informed that DTC has completed its payout of the shares. Unfortunately, you are right, the company did not honor the reverse split round up. You can visit www.sec.gov to find out ways you can file claims. The are the governing body on these securities."
SOmeone want to research this out on the SEC.gov website and give the rest of us the details? I'm in the middle of moving right now and don't have time.
mmm that sucks. This one would have been good. MXSV trying their bests too not pay out. Well these things arent that good always. Well seems the pinks are more likely to want to pay out. These otcbb's are reluctant mostly. Sooner or later it wont work out. Man I wish I would of known about this 10 years ago. Man the money I could have made. Would of been crazy. Now everyone knows about these and is getting more difficult because of the tons of accounts out there. Oh well will see if they budge or not.
Here's the reply I didn't want to hear from IB:
"Thank you for your patience. IB has confirmed with the depository, the agent, and the company directly that the allocation has been processed correctly and completely. No additional shares will be forthcoming. Please direct any further inquiries directly to the company.
Thank you"
Any ideas on how to proceed from here?
Yes, and there's no chance of BDCG budging off their position unless the brokerages pressure them to do so. That's why I contacted IB about contacting IPOR/IRUA/BDCG. I suggest you do the same with Scottrade. If we're lucky, BDCG will relent. Otherwise, here's another roundup that didn't work out.
The company (BDCG) needs to direct their TA to tell brokers to distribute to shareholders individually....
I guess they think so....
BDCG is definitely trying to wiggle out of paying us our due. You might want to suggest to Scottrade that they contact the company directly as IB is doing for its customers. I'll post IB's latest response as soon as I get it.
So Don Simon is saying that because you bought stock with your money, and the roundup would be benificial to you, the broker gets your roundup shares.
The guy is sitting on his own shoulders!
IRUA now BDCG response from Potty...They have no clue:
Thank you for your email.
Our Reorganization Department has checked with the company transfer
agent. They have indicated that individual clients will not be
receiving round up shares. The round up shares in this case only apply
the Broker level. Individual clients would not be rounded up to 100
shares.
If you have any additional questions, please call your local Scottrade
branch office. Should you need their phone number, please go to our web
site www.scottrade.com and insert your zip code into the Branch Locator.
Please let us know if you have any additional questions.
Sincerely,
Don Simon
Stock Broker, National Service Center
Scottrade Inc
That is even better, but that is not what the DEF14C states......
Exactly...
Part of the problem is some lawyer somewhere, which the IR guy thinks is such an expert; and the TA is the other part of the problem. They say the DTC sent " a wire to all broker/dealers" advising them to notify DTC re how many shares they need for beneficial accounts, and they were supposed to do that by the record date to qualify. Buncha baloney...
no, the ex-date was the 29th...
I hope other brokers will join IB in putting the pressure on IRUA to pay.
Sorry to hear about your bad experiences with zecco. GLTY!
Ive had some serious bad experiences with Zecco. They FUBAR'ed one of my accounts. I was up over 8k and now minus 1600. They did this 3 times in 6 months and are like the mofia when you try to contact them. I am currently complaining with the SEC, and then soon FINRA and the BBB. I will never trade with these guys ever again. But thats just my experience. But its a horrible one.
No, I wouldn't either, but I'd prefer that they be talking to the company representing a group of clients, instead of me talking to them as an individual.
Ok, but I would not consider IB to be the authority on filings....
I'm waiting as well. I'll post whatever IB tells me as soon as they do.
I'll wait it out :) But every company "must" adhere to filings as well....
I was going to recommend zecco to someone who just wanted to place a few trades once in a while, not day trade on a regular basis. Is zecco OK for that or should I send my friend somewhere else?
You betcha I will, I really cant wait. Saves a ton esp when with Ameritrade i spend 20 bucks both ways. Man commissions these days are still outrageous. I read some articles recently that said soon it will be free to trade b/c brokerages make most of their money on other things like mutual funds and most investors only trade 6 trades per year. But will see when that day comes. Zecco did a hook em in type thing then switched it. Schwab was 30 not too long ago and now is 10.
I agree with you and hope that the powers that be do, too. I've never heard of a "firm level" roundup - maybe IRUA just made it up! LOL. They claim they've got someone with "30 years of experience" making this decision. We shall see...
I think you'll like IB. Flipping little chunks in and out is fun when the commissions are only $1 or so.
Does not matter, they must treat "ALL" same class shares the same. No matter whose name it's in or whether you hold certs or not. If in street name, your broker holds the cert for you...
That's what I told both IB and the TA a few days ago, but at this point it seems that IRUA, or whatever they're calling themselves these days, is still trying to wiggle out of it. After IB had told me on 12/28 that IRUA's decision was final, they later said on 1/4 that there were a number of us at IB in the same boat so they were taking the issue directly to the company. I hope the pressure works.
Seems others were saying they were putting up a fight like HBDY or something. But I'm not worried even if they try to make a cut off on the 19th. But usually with round ups its decided on what hits the dailylist but I guess IPOR didnt hit the daily list did it? Oh well will see.
Yeah thats what I saw. It was about a buck a trade from what I read. I was just confused if they would over price pennies like USAA does.
Man I traded over 1500 trades last year. I admit about 500 were free from Zecco or Ameritrade but the rest were between 5-10 bucks. Heck some from USAA with penny stocks were 50-150 at times. So its far worth it to just get an IB account even if the minimum is 5-10k for opening one.
They have to issue the shares, DEF14C (below) states they only flagged the shares as of the 15th and the last day to own was the 19th. See below:
“Stockholders holding less than 2910 shares but at least 100 shares as of November 19, 2007, and who continue to hold such shares as of the record date of the reverse split, will receive 100 shares of common stock after the reverse split. STOCKHOLDERS PURCHASING LESS THAN 2910 SHARES BUT AT LEAST 100 SHARES AFTER NOVEMBER 19, 2007, AND WHO CONTINUE TO HOLD SUCH SHARES AS OF THE RECORD DATE OF THE REVERSE SPLIT, SHALL NOT BE AFFORDED SPECIAL TREATEMENT.”
Accordingly:
If the Board elects to implement the Reverse Split, the number of issued and outstanding shares of our common stock would be reduced in accordance with the exchange ratio of the Reverse Split. Under the recapitalization, the 98,428,703 issued and outstanding shares of our common stock as of November 15, 2007 will be reverse split resulting in 3,383,446 shares of common stock being issued and outstanding after the recapitalization, assuming the Reverse Split is deemed appropriate by the Board.
http://investorshub.advfn.com/boards/read_msg.asp?message_id=25720079
Other brokerages have reported the same thing.
IB commissions are very low, although you can't buy in chunks larger than 500k shares. The commissions are usually $1, sometimes as much as $2. I like IB alot. I heard about them from Wayne R who said that he quit trying to figure out how IB calculates its commissions, but that they were almost always lower than he though they were going to be.
I think I bought on the 20th. I knew I should of bought on the 19th but for some reason I thought I would have time the next day. But that date wont matter anyways I sure. The same went for ENRH and that one didnt matter. Dont know why I got the proxies. Ameritrade sent them to me. I dont get them very often either. Wow IB is usually the fastest right? Im in the process of getting an account with them. Should just be another day or two.
OT so how is their commissions with pennies. If I have like 80,000 shares of a stock thats .05 a share, will it cost me a grand to sell it? I see they go by .0035 a share rates or something.
What stipulation?
I have only 3 as well, but have you been following the thread on the "firm level only" stipulation that they're claiming?
You had to own them "by" 11/19/07. That means it is OK to have bought on that date. Anyone buying on 11/20/07 or later will not receive the "special treatment". Potty has not delivered the remaining shares yet. I only have 3 right now.
I hope so. I didn't receive the proxies and wonder if it was because I bought on 11/19. Did you buy earlier than 11/19?
Interactive Brokers says that they're checking into this mess for me and others. This AM I sent them a copy of the Daily List post and just heard back from IB that IPOR/IRUA/BDCG hasn't responded to them yet.
Nice. Wonder if this will expedite things? Come on baby give me my hundred shares. Took the time to send me proxies now they can send me my hundreds.
13:38 1/8/2008 IRUA IPORUSSIA, INC.- New Common Stock BDCG Bonds.Com Group Inc **
Never better buddy. Move a rock here, a rock there. Put some bats in the other room. LOL.
OK...pizzed about DTC, obviously... but things are rollin'
How about you? Things in da cave going well?
YO Tex, How ya doin buddy?
IPOR/IRUA: certs, schmerts...
talked to the IR peeps today, several conversations. Nobody knows anything blah blah, till I finally get a guy who maintains that securities attorneys with "30-years' experience" are involved, and they believe it's legal to cut off the roundup at the "broker/dealer level."
This is because the DTCC gets involved and somehow the term "shareholder of record" translates to your broker instead of our beneficiary/street shares.
The guy told me DTCC is a pain in da ass, but they win.
I say bull--DTCC is supposed to guarantee delivery of shares, not interpret filings. They (DTCC) are not supposed to "intercept" my shares and reduce my holdings. It's as if I bought 2,500 shares of "xyz" and DTCC says, "Sorry, you really only bought 250 shares."
DTC needs to quit sticking its big nose into interpretation.
If we can't trade freely at "street-name" level, then what? Pull certs on every trade?
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