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If I could load anymore I would....
I think you should try valium.....relax. PCFG will go up once they get the ball rollin...
Funny. With all the buying, the MM's still trying to hold it back by trying to hold the bid down. Just a matter of time until they will have to go much higher.
Happens every day...at least the past several days.
I agree, the possibility is there. If the drop is not dilution, which I don't think it is, the pps should recover. They claimed they had a plan that would generate value for the shareholder. Harder to do that if they do decide to dilute.
So, you really didn't think they were trying to create a positive situation for the shareholders. You are basically saying that is more unlikely. So I think we agree.
No, I think we are in 100% agreement that if it is being done, they would be screwing the shareholders. I think where we differ is I think you think dilution has begun, and I am trying to rationalize why it is not dilution.
Not saying I am right, I just would rather not believe they would dilute this quickly, as that would be extremely dirty on their part.
Like I said, trying to reason my way out of that scenario, but if they were to do it, they would have to start somewhere. The drop today, though has been severe for the volume. I lean more toward MM's trying to scare people out their shares today.
How so?
Paula, I am in at about the same level you are. Hadn't sold anything, but they are frustrating the #@$* out of me with this drop the past several days. I figure it has to be MM's driving the price down, investors that got in on 12/6 selling out, or the company is diluting.
I am trying to reason through that no way could it be the third option. Surely the company wouldn't dilute just a month into the forward split. That would be doing their investors extremely dirty.
The price will recover from the first two options, especially if the company proceeds with a plan, or ST corrects the mess they created. If it is investors selling out, the volume is still low considering the volume on 12/6.
Maybe that is what the MM's are trying to create.....frustration.
Scottrade screwed up and did a forward split instead of a reverse split. Multiple clients said they saw it in their accounts. Some sold them. That is how the increase in shares got out there.
How did the company cause that to happen? How come Fidelity and other online brokers didn't have the same problem? How come ST and Zecco were the only ones restricting trades for this stock for three weeks? It was a ST screw up, followed by clients selling shares they never really had on 12/6. Those stating the company is to blame for this, please provide evidence to persuade, please.
I would be suprised if he sold out. He seemed to be committed to seeing this through. Wouldn't mind to hear from him, though.
Well, they unlocked their accounts for a few minutes for some reason. Wonder if any of the ST holders on this board has noticed any change this morning?
That is interesting. The plot thickens. By the way, I have already averaged up myself.
I am with Fidelity and got the closing price of .64. The charts I have looked at do not show the 133,000 share trade, although it is included in the volume traded count.
Also, wonder what the deal is with the ST trade accounts. They are unlocked for a few minutes, then locked back. I would like to know what it going on. This is like a mystery.....
I don't understand why those of you who did not trade your pre-split shares are on hold. What did you do wrong? I think this speaks volumes. I use Fidelity also and have been very pleased with them. Hope this situation works out for you and the other "hostages".
To me, it sounds like they have a mess, and don't know how the heck they are going to get out of it without costing a small fortune.
Have you gotten any communication from them regarding what they are going to do, other than you cannot trade those shares? Three weeks later, and they still haven't taken action.
Brit, thanks for the response. I am in wait and see mode here. We know this mess has to be cleaned up sometime. Seems like they are taking drastic measures with their clients. Still think they will need many more shares than just what their clients hold.
Brit, I saw that schedule too while searching for the FTD list. Will the list even be available to the public to see? I tried different sites to find it but had no luck.
If that is what it takes for them to get fair treatment, then more power to them. Hopefully, ST will do the right thing and let the market work this all out by buying back the excess shares that were sold.
Tom, this sounds like a raw deal for sure. So, just by them citing that rule in their brokerage agreement, they can bascially comandeer your shares. If you have not traded any of your pre-split shares, I do not see how you could have even potentially violated a rule. I am with Fidelity, so I am not familiar with their rule # 5, but it does not sound like they are fairly applying it.
You also mentioned they would give you fair value. How are they going to determine that? Typically I would say the market dictates the value, but in this case, I am having trouble understanding how they would accomplish this. To liquidate, wouldn't they have to be sold on the open market? So for ST to get the shares back, wouldn't they have to buy them on the open market, or are they going to pay you a $ amount for your shares without going to market. Don't see how that would be legal.
I really apprectiate you and the other ST and Zecco account holders sharing info with the board. It really gives insight to what a mess this is for them. I hope you and their other clients do not get robbed blind as this gets settled and do not have to resort to legal action to seek fair treatment. Looking forward to the next update.
Thanks, LB
OK. Seems odd, though.
Not showing now, is it? Wonder what happened?
And the bid is .58?!? Big buys before that @ .665.
Thanks for the responses, guys. This has been going on for about 2.5 weeks now. They must really be sweating this one out and not been able to come up with an option they are comfortable with. The longer this goes on, its seems to me that buying up the "Air" shares appears to be their only option.
I believe I read somewhere also, that the broker is responsible if they sold the shares on a clients behalf and the client cannot cover. The longer they keep the accounts restricted, the better I feel they will have to buy back those shares, then try their best to recoup their expenses from the clients who sold shares that did not exist.
All IMO, and I am holding and anxious to see how this plays out.
Well, those of you that have ST and Zecco accounts, have the restrictions been lifted for today, or has an explantion been forthcoming yet? TIA
I think getting the filings up to date is part of the process that must be followed to achieve the greater goal. The filings may not be impressive as some have indicated, but I agree that should not be unexpected. It has to be done to be able to be uplisted, and that is part of the plan for the company to become a revenue producer. That is what I am here for.
Sounds like a stall tactic to me. Response via US mail, in 7 to 10 days, really?!? Have they not entered into the age of technology like say the telephone, email, or texts? I wouldn't hold my breath. They must really have their ta-ta in a wringer with this one.
I don't think so either. If so many are jumping ship, then why is the bid rising?
I am anxious to see if ST are ready to turn their clients loose to trade this stock tomorrow. Not just sell, but be able to buy also. Someone posted that Zecco allowed selling late last week, but not buying after being restricted for over a week.
I spoke to my brokerage last week, Fidelity, about this just to get their take on a situation like this, and was told they were not familiar with this situation and would not comment on it, other than saying they think they would have to adhere to the federal regulations and advised me to refer to the SEC and FINRA websites for adherence.
We are getting closer to the rubber meeting the road, IMO.
If I were AUTO I wouldn't be so sure the stock is going down from here. Pretty risky I would think. This can move pretty quick with a little buying pressure.
I agree with you, that there are very few selling at these levels. If this continues, next week could be interesting.
This is my last post today, so that is it for me tonight, but I will be monitoring the board for any additional info. Thanks for your replies.
Thanks for the replies. I just hope they would hold them to the same rules they would us. I guarantee, that if I sold short, and three days went by and I didn't cover or have the cash to buy, Fidelity would be selling some of my holdings to fulfill my obligation. If they are held to the same rules, I believe we should be in great shape here.
So, if they are going back and forth between each other, then how long can they do this before they are forced to cover?
OK. So, that leaves them 13 days from hitting that report to cover then, if I understand correctly. Also, if that is the case, theoretically, the FTD's could exceed the overall daily volume, correct?
Thanks
So, you believe the report is correct, and many of the short sales were actually mm shorts, which were buys for traders, not trader short sales. Sorry about all the inquiries, but this is educational for me. Doesn't seem to be very straightforward.
Thanks for the explanation and the link.
ST must still have not figured out what they are going to do yet, unless they are just stalling and hoping for the bottom to drop out. Volume should increase dramatically when they start to cover.
So, the FTD list comes out at the end of the month, correct? I will search the FINRA site for last month's list, just to get an idea of what I am looking for.
By the way, the way the short report reads is that 86% of the trades today were short sales. Any way that could be correct? I watched it all day, and the majority of trades looked like buys to me, but according to the FINRA data, they are short sales. Is that the way you see it?
Thanks for the response.
I know we can find daily short sales on FINRA, but is there somewhere we can see a Failure To Deliver listing for the T + 3 misses, and a list for forced buy-ins for the FTD's? Thanks
Yes. Clock is ticking.
Maybe not that high, but I like the way you think!