The Free Money Board (ARBITRAGE)

[bilgert]

FBSI- I was just wondering whether people who were/are playing it have decided whether or not to take their shares off Street Name. I go back and forth on this... I think if I get off Street name and/or they pull a NOBO or something it'll show 'em how many accounts I've bought it in- and even if it's in total less than 500, that it might piss em off enough so that they'll consider pulling the offer.

Just wanted to hear people's thoughts on this.

[bilgert]

It sure was a sweet one!

[beigledog]

JLN...I'd like to call it the best (in terms of payment) Arb to date for this board. They paid very quickly (2 weeks) and everything went very smoothly with this one. Congrats to everone that bought.

The Ibox has been updated.

[TEX]

I'm still way up on mine...so not ready to quit.

AND...

lol, some of this has become a matter of principle.

In short, I believe it's historic, the Joe-Retail phenomenon, and I will fight and bitch and persist exactly as i did when I ran a successful youth group here.

It's just not right for the "elite" to be able to trade a certain way for years and years but now "they" gotta change the rules cuz some schmuk makes an easy two or three hundred bucks. Same rules for everybody...that's all I'm saying.

[Stock]

I've been saying to for a while - round-up plays are old news and it's going to be impossible to eek out a profit now

[TEX]

oh...I'm not in it, for the simple reason on stuff like this I wait for the dailylist, and this afternoon I was on the roof of a new strip joint in Dallas...no dailylist for moi. But if I coulda filled for around a double, I would've bought today.

"nobody did squat"

si, entiendo...pero no tienen razon.

I've gotten many of these payoffs simply from being persistent and being able to quote the regs...However, I agree with you somewhat, in that I believe a sea-change is underway: for some reason, the SEC has been dragging out ANY action re: MXSV...

What gets me is NASD was all over SWNE/MCII--if so-called "easy money" for Joe Retail was/is the choking point, why didn't it manifest over MNPC/NWMO (NWPO?) or ABIO/JDMO/JDMC?

Thought about going to Congressional reps...but the more I think about it? FOIA seems better.

[Stock]

I would be on the phone with re-org dept at my broker first thing in the morning if I had shares.

First mouse gets the cheese.

Remember what happened with Harrold's

Ameritrade people got the cash in lieu.

at least one broker was slower, and their clients did not.

The company sent the TA a fixed amount, and once it was gone, nobody did squat.

bad feeling on this from early on. good luck.

[TEX]

prolly cuz the company had a nonsensical date, from NASDAQ's pov--once they set the ex-date...just guessing.

[Stock]

still no payment date.

[TEX]

whooop...dey it is--today was last day to buy for the cashout

[Stock]

What? No comments on JLN? Are you all Canadians? Did everybody take the day off? Or are is this just stunned silence?

[Stock]

No x-date until tomorrow on JLN / JCLN / JCLY

And there you have it (unless it changes before the end of the day)

There is no pay date listed yet, so I would imagine this is subject to change.

[Stock]

http://www.otcbb.com/asp/dividend.asp?sym_id=JCLN&dDate=5/20/2008&sDateType=ex_date

JCLN - Jaclyn, Inc. Common Stock

Declaration Date: ________________

-- Ex Date: 5/20/2008

Record Date: ______________________

Payment Date: __________________________

Dividend Type: ___________________________

Any Other Type Dividend Amount:

+
Notes:

+1-250 R/S immediately followed by 250-1 F/S; holders with less than 250 shs will be cashed out at $10.21/sh. New symbol: JCLY.

[TEX]

meanwhile...

back at the ranch

[bilgert]

I completely understand- I'm saving my nickels and dimes- and I never post more than 5 times a day, so a paid ihub membership is not in the cards for me in the near future. It was just a request.

You have a nice board here- I've always enjoyed posting on it-I'll try and add what I can on Fridays :).

[Phoenix-Rising]

yes but its happy hour so I can post..

I enjoy reading the board :)

I dont have much to contribute anyway so its probably a good thing

[beigledog]

I'm sorry bilgert, but that's not going to happen. Due to the posts of some of the people on this board, I had to have it moved to a premium board because of the endless banter on conspiracy theories, etc.

I do highly recommend paying for premium membership. It would be worth it if you weren't grandfathered in like me.

[bilgert]

Is there any way that this board 'status' can be changed so that people with non-paying accounts can post? I tried to post some info on JLN last week and was surprised to see that the board was only accessible to people with paying accounts. Just a question

In any case, optionsxpress and TDAM have pulled my JLN shares. Kind of old news now... JLN shows as JLN# in optionsxpress and is completely gone from my TDAM account.

Oh and OPBP gave me some divvies today :).

[TEX]

well done

[TEX]

yeah, good one...don't know how I missed it. Must've been on a job site that day...

anyway, congrats.

[swenglish]

yup, got it in Lowtrades and Choicetrade. Good stuff this free money. HoohA!

[beigledog]

I would, but it says that "pink sheet stocks will not be considered." Good luck and hopefully this is a testament that maybe pinks aren't so bad after all!

[Ryan Industries]

it was $.44/share for those who held under 300 shares. paid today with an ex date of 4/9.

http://www.otcbb.com/asp/dividend.asp?sym_id=vtlaf

i bought 299 in two accounts and i got paid in both of them. i think i only bought the stock for 6 or 7 cents!

add it to the list. it was a small one, but certainly worthwhile.

[beigledog]

What was the payout?

I saw it, but I didn't do it because it was a pink.

[Ryan Industries]

VTLAF PAID in SCHWAB and SCOTTRADE!

[Stock]

Put yourself in their shoes -- assuming they are really doing what they say they are doing:

1. You wan to stop complying with SOX.

2. You need to delist.

3. TO do that, you need under 300 shareholders.

4. You cook up a scheme to reverse/forward and cash out small holders.

Why would you want all these small shareholders? If you set aside $500,000 to cash them out, why would you put out any kind of press release, or PAY Knobias to pump your stock ahead of this? You would want as few speculators as possible in that little sandbox. That's more cash it's going to cost the company.

This may work out, and I hope it does for all of you concerned. But a recent trend is the fake round-up, and this whole deal just sounds fishy to me.

Remember who holds all the shares and has all the votes. They can do whatever they want.

I'll stop posting about this topic, until there is something on the AMEX daily list, and wish you all well................

[CPTMatt]

I realize that I was only making a comparison

[beigledog]

I received my cash for OPBP shares yesterday. Another successful Arb! The IBox has been updated.

[Stock]

Look, here's my point. They estimated this is going to cost them $500,000. They now have a shareholder under 250 shares list, and have a total cost probably beyond $500,000. They can decide to NOT cash anybody out and not implement anything they filed. Their April SEC filing says CONDITIONAL.

Plus, they can't backdate the x-date to some arbitrary date. It's appears to be a Catch-22 for the company.

I think it was the plan all along, but what do I know. I became very suspicious when their scheme was the front page story for a weekend Knobias newsletter edition. It's one of their more read bulletins.

As the Company announced in December 2007, a special committee of independent directors unanimously recommended, and its entire Board of Directors approved, plans to cease the registration of the Company’s common stock under federal securities laws and to withdraw its shares of common stock from listing on the AMEX. The Company indicated that it was taking these steps to avoid the substantial and increasing cost and expense of being a Securities and Exchange Commission reporting company and of regulatory compliance under the Sarbanes-Oxley Act of 2002, and to focus the Company’s resources on increasing long-term stockholder value. The Company further announced that it anticipates savings of approximately $500,000 on an annual basis as a result of the proposed deregistration and delisting transaction, as well as an additional one-time savings during its current fiscal year for initial costs of compliance with the internal control provisions of the Sarbanes-Oxley Act.

In order to deregister its shares of common stock, the Company will need to reduce its number of stockholders of record to below 300. To accomplish this, the Board of Directors has proposed to amend the Company’s certificate of incorporation to effect a reverse stock split, which would immediately be followed by a forward stock split. The special committee of the Board of Directors has tentatively determined a reverse/forward stock split ratio of 1-for-250 shares. As a result, and assuming this ratio is used, record holders owning less than 250 shares of common stock will receive a cash payment of $10.21 per share, and record holders owing 250 or more shares of common stock will retain their current numbers of shares of common stock without change. The Company also anticipates making this payment available to its beneficial owners who own less than 250 shares of common stock (assuming this ratio is used) at the time the reverse stock split is completed.

The special committee and the Board each have reserved the right to change the ratio of the stock splits or to choose an alternative to the stock splits to the extent they believe it is necessary or desirable in order to accomplish the goal of reducing the number of record holders to below 300. They may also abandon the proposed stock splits at any time prior to the completion of the proposed transaction if they believe that the proposed transaction is no longer in the best interests of the Company or its stockholders.

[Stock]

It's not otcbb. Here's their SEC filing, but AMEX has to do something:

The stock splits are scheduled to be considered at a special meeting of the Company’s stockholders scheduled to be held on May 7, 2008. The Company has filed with the Securities and Exchange Commission, and has mailed to stockholders of record at March 31, 2008, a definitive proxy statement relating to the special meeting of stockholders.

The Company’s notice to the AMEX of voluntary delisting was conditional . As announced previously by the Company, the Board of Directors and the special committee determined that a delisting of the common stock requires that, among other things, each of the following conditions be met:

• approval by the Company’s stockholders of the reverse stock split and the forward stock split proposals;

• the common stock being approved for listing on the OTCQX SM tier of Pink OTC Markets Inc. (formerly Pink Sheets, LLC), with at least two market makers having indicated their intention to make a market in the common stock after delisting and deregistration of the common stock; and

• neither the Board of Directors nor the special committee has determined (either before or after approval of the Company’s stockholders of the reverse stock split and forward stock split proposals) that the delisting and deregistration of the common stock is no longer in the best interests of the Company or its stockholders.

The Company will advise the AMEX after the special meeting of stockholders whether the conditions to the delisting and deregistration proposals have been met and whether the Company actually intends to move forward with delisting.

On April 25, 2008, the Company issued a press release regarding the foregoing, which is attached to this Form 8-K as Exhibit 99. The foregoing description is qualified in its entirety to the description set forth in the press release.

[CPTMatt]

The split should show up but I think that may be all. The the OTCBB Daily List that is usually what you'd look for and maybe they put a comment in about treatment of S/H under 250 shares.

[Stock]

What category would that be? I tried them all. You have a better idea? There is no action of any kind listed in any category for JLN:



I tried "Tender Offer" but that would be for ALL shares at one price, followed by termination from all trading venues.

The way their press reads, it's a partial cash out and two splits, 250 reverse, then 250 forward. Says nothing about share termination, only AMEX delisting.

They are going to be pink trading shares, at least that appears to be the plan, so they don't have to file.

I don't see any SEC filings that lay out the distribution plan.

[beigledog]

You sure you're looking at the right thing? This is not a dividend...it's a cash out. The company is buying back its shares. Maybe it would be in another category.

[littlefish]

Cool! I just realized I've been totaling my accts with JLN being withdrawn and shown as worth $0. But those shares should be worth $10.21 per share so my accts look better in total than I thought:) Little thing but woohoo nonetheless and should add some cash to the coffers.

A good play indeed. Bought it in all my accts as opportunity presented itself. Glad to see lots of people got in.

[Stock]

Still nothing on AmexTrader re: a dividend on this stock. Just to make sure it wasn't a search feature glitch, I searched for an AMEX stock that I know issues a dividend.

Trust, But Verify....

http://www.amex.com/amextrader/

[beigledog]

Great...thanks for the update Linus.

[linuspop]

beigledog, my bad - I wasn't being thorough. Yes, upon closer inspection, my shares were taken away but I haven't received the cash yet. Both my accounts jumped a couple thousand overnight and I assumed it was the JLN cash payment. Instead, it was a couple of illiquid positions I have being (finally) updated by TDAmeritrade. More time to wait but our payment is coming and I wanted to acknowledge the board for bring this play to my attention....

[beigledog]

linus...was the cash deposited or were the shares "only" taken away? I also have Atrade and I haven't received my cash yet.

[linuspop]

My 249 JLN shares were cash out this morning in both my TDAmeritrade Apex and Izone accounts. Sweet! Good find guys.... specifically, KIK.

[mandjb]

JLN at IB

I have shares there. I called them and they said they have a different procedure on the cashout from some other brokers. The other brokers pull the shares and issue a contra CUSIP for them. Customer service at IB said (after consulting with reorg and calling me back 30 minutes later) that IB knows of the cashout but will take no action until they receive funds. They see no published date for getting the funds at this time.

[aymon]

i have IB and tried to buy a stock(bnpd) on Friday but it says "stock can only be closed." IB wouldn't allow me to put in a buy order online. anyone else get that message when they want to buy a stock?

[codehappy]

Good to know. Thanks. (eom)

[robbcarpdm]

They are usually Johnny on the spot.

But there has been no official notice. The other is the transfer agent has to request the shares. My IB shares are still there as well....they usually wait for formal Ex date. dont recall the small print in the filing but there will be no cutt off date as long as they have more than 300 shareholders....they will want to make sure they dont have more than 300 or the whole deal is hosed up.

I have one at Fid and one at IB. Fidelity has confirmed that my shares were requested by transfer agent and have been removed for processing.

FWIW

[codehappy]

Anybody else hold Jaclyn in an Interactive Brokers account? Looks like the shares are still there in my IB account, and I bought months ago.

I've done these sorts of deals before, but this is the first with Interactive Brokers. How slowly do reorgs go there? If the RS is indeed here, I'd expect at this point to at least see a placeholder or something for the shares.

Dealing with customer service is like extracting teeth at IB and I'm wondering when I should start whining at them.

[beigledog]

Let's hope so.

[Stock]

maybe your AMEX experience will be different from so many OTCBB companies that have screwed people over.

[beigledog]

I got the same thing. To be safe, I don't typically go by the ex date...I go by the meeting date...and it hasn't ever failed me yet.

[Stock]

Apparently, the AMEX has not set an x-date

[Stock]

Nobody can answer my question?

Broker re-org departments are not reliable.

The AMEX should have listed an x-date.

http://www.amex.com/amextrader/

[swampboots]

I am not resident expert but .999999999999% sure game over for arb divy.