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I agree. And I think for the most part this has been valid, as we all believe that production is just around the corner and management has done everything they said they would do as of recently. Patience is key here!
Yea, it does appear that they just don't want to let it hit .03. Although the volume is pretty low, it seems that most trades have been buys at around .029. If we could break .03 maybe that would spark some more interest! It is exciting to at least see some upward movement though very incremental!!!
Where's Austin when we need him?
Yep. I recommend Fidelity to all my friends. When it comes to $'s, some will throw integrity out the window.
Well, we know there is no way that they could have acquired certs for all the shares that were traded, and there should be a time limit on when the markers have to be covered. How long can this drag on??? Keep accounts on hold and not covering, doesn't seem to be bothering ST, does it? Isn't there supposed to be laws in place to enforce when people do not want to do what is ethically correct?
I figure if they cover, it would have to be at a loss because the share price would go much higher than the highest price traded on Dec 6th. Don't see how they could profit on covering at all, but if they did, so be it. I just want them to play by the "rules".
I doubt, since they are private, that we will ever hear what this cost them. I know you don't expect it either based on your laugh track implementation.
FINRA rules may be working. I hope so. All we want is a fair playing field. It typically is hard to discourage the bashers, LOL.
Good question. Don't think holders are selling, and I think the spread discourages buying.
Thanks for sharing and good luck. Seems they are being persistent, and not having any sympathy.
MNYC, I think you misunderstand my stance. I am not saying ST should raid your accounts. I can understand that they did based on selling short rules, but I am not saying that is right. I think they are trying to recoup whatever they can, however they can. What I think is wrong, is they are holding you guys accountable, but have they taken responsibility themselves? I don't think they have.
As I stated, I think if they thought they could win, they would come after more from you guys if the $ in the account did not satisfy covering the shortage. According to you, they have not done that. I think that tells you that they are not absolute of blame. Also, the threat of a huge lawsuit keeps you from filing arbitration. It is obvious they don't want you to do that. I am not saying that you should file, because there obviously would be a huge risk and legal fees involved, but they may not want that either.
My point is that I agree with you, that they should not be absolute of blame, and they should resolve the position as stated per some posters regarding the dismissal agreement, or the MM's should force a buy-in. My EIGH experience was to show how my broker didn't care to sell my position to get their money, and ST came and got your $. Why should the broker be able to go by different rules?
If you don't mind me asking, did they treat verycareful the same as you? I understand if you would rather not say, and I wish you the best. It is amazing how a few minutes can have such reprecussions.
Frustrating, get some buying pressure, and they drop the bid from .0230 to .0217, and the ask from .0235 to .0230. They seem to be discouraging buying.
Don't you think that would be very petty and unprofessional? Besides, GBOE didn't create the issue that needs resolving. Why hold it against them?
marianothis, taking $ from clients should be about the last step, but unless something has changed, all ST and Zecco account holders still cannot purchase GBOE. To me, when that is lifted, I guess that would be a signal for being resolved.
As far as how much to take, according to MNYC, they took every $ he had in the account. I would say they treated the others that sold on Dec 6th the same way. We still haven't heard from VeryCareful, or any of the others that sold. If they only take what they have in the account and not pursue more, they have to be taking a significant loss, imo, because the total to be recouped would be the proceeds of the sales. I think if they felt they could prove it was all the clients' fault, they would be going after more than just the account balances.
Thanks for the response. Been pretty dead around here this weekend.
I think recouping what they can from the clients that sold is just part of their plan. I understand that they would want to minimize their losses as much as possible. That's business, but there is a difference between minimizing losses and not following regulations. There has to be a deadline when this has to be resolved. I am sure ST is not going to publicly disclose that for obvious reasons. I know we heard about the 35 days. 35 calendar days has passed, but 35 business days has not. However, since they are taking $'s from their clients, maybe resolution is coming sooner than later.
Wow! So, they are accusing you of being at fault for selling whatever you sold. What grounds are they giving you for taking all your $'s, not just the proceeds from the sold shares? Do you have any other options other than arbitration, which obviously they are discouraging to do so due to the counter claim threat?
Also, have you heard from Very Careful? I think he was in a similar situation as you.
Man, it is amazing how just a few minutes can manage to create huge reprecussions. Wish you the best.
So Scottrade still has you on total lockdown? Will they not even let you sell at these measley prices?
That would be nice...eom
I think the only luck we might have is if Scottrade decides to cover or if the MM's force them to.
So you definitely have not done anything to give them cause. I think it is obvious they need shares and are trying to figure out how to get them cheaply, and or, not get them all, if they can get by with it. Hope this works out for you.
OK. Thanks. Hope it works out for you. They seem to be very vague with any plans they have when relating to their customers.
If you don't mind me asking, did they restrict your whole account or just from selling GBOE? Seems like I remember some saying their whole account was restricted from trading.
Also, seems like they are running the risks of lawsuits, since traders are not at fault.
Glad you let me know the sarcasm font was engaged. You obviously remember a previous exchange I had on this board on the same subject. As I stated in another post, I like the check the status every few days or so.
As you said, if they are covered and the issue is resolved, then why aren't the accounts removed from being on hold?! This tells me something is still going on.
I think the only side ST is on, is ST's.
Thanks for the responses. I check on this every few days. I think this tells us, this is not over. I just wonder how long they can stall?
Bradinski, last word I had was that ST and Zecco customers were still not allowed to buy GBOE. Do you know if that is still the case?
Thanks
Good info Lowjack. Does this affect only the shares failed to deliver after February 28th, or will they have to cover what they have failed to deliver prior to that date within 13 days of the new law? Also, I couldn't discern from the quote whether it is 13 business days or 13 calendar days. Do you know?
Thanks, LB
Hopefully sooner than later. There has to be a limit to how long they can allow this to linger. I know per Tom's posts in January that ST agreed to clean it up within 35 days of dismissal of the lawsuit, but they are pushing it to the limit, if it is indeed calendar days.
By the way, I ain't looking to get rich, just want to see them do what was stated. Alot of folks hanging in limbo.
Scotttrade has issues. I would look for another broker. They are crooked!!
I do not disagree; however, ST is still responsible for their "error"!!!
We will see that volume if ST cleans up the mess they made. If not, hopefully the MM's will force a buy in.
Yeah, some idiot probably put in a market order before the open, so that gives them an excuse to drag it down before we get too much momentum going. They really know how to spoil the mood...
That would help. As I tell my wife, I am not a good mind reader.
I think we are on the same page. Good luck to you.
If you have read my previous posts, I have stated that I did not expect to enrich myself, however, I do expect ST to play by the same rules as everyone else. Even if it was an honest mistake, which I do not question, they should be required to make it right. That is all I have said.
I responded to you because you make it sound like you know that the situation is resolved and becuase you stated "they are really panicking". I don't know, and I don't think you know either, to be honest.
Well, there has to be a reason. I wonder what it is. Until then, I do not believe the situation is resolved.
Doesn't answer the question.
Please explain why they will not let their own customers buy the stock if everything is so wonderful with ST. Thanks
OK. I guess they are just not letting people buy.
When? I have a friend who tried to buy Friday but ST would NOT allow it!
According to previous posts, ST has 3 days next week to make good or there will be a forced buy-in. Looking forward to next week!!!
Do you think the volume is MM's posturing, or what is your theory? I am still hanging in. As long as ST is not letting their clients freely trade, this is is not over.
Also, I know some dispute their coming to frutition, but based on their pr's, the company has plans in the works also. Time will tell.
That would be nice..EOM