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Neither. It's the escrow agent that has been holding the money for LAHO and they will be doing the wires once a week. This is common practice as I did business with an international company one time who contracted an independent escrow agent to do something similar. They also only did wires out in batches, once a week, and it was almost always on a Friday.
Same here. I think ours were processed at about the same time so I am hoping to see a wire hit my account tomorrow.
Tell me about it... had 9 million shares at the time and got a co-worker involved too. That was last time I ever did that. lol
The last closing pps of LAHO was .0046 on Sept 5, 2019.
It's stated right on the agreement that we are signing that we will be getting .002 for each share surrendered. I know that .0022 amount was the first amount they gave us back in June (I think), but I don't believe that is the case now.
We've only been discussing this adnauseam all day...
Many of us are finished with all paperwork and waiting for a wire transfer that SHOULD happen this week. I promise you will know it when any of us receive anything.
Ok I think I get it now- some banks may take longer to process the deposit than others. Major banks usually post same day. Thanks.
Why do you keep saying "3 business day delay"? I feel like I missed something here. If they initiate wires on Friday we should see money in our accounts on Friday. Wire transfers are not ACH's. Or are they doing ACH transfers? That will take an extra business day to process for most banks.
Mine didn't. Like they never happened.
The broker's end was just a few hours. Took until the next day for E*Trade to reflect the shares removed from my portfolio though.
5 days after it arrived at VStock.
https://www.dtcc.com/-/media/Files/Downloads/client-center/DTC/alpha.pdf
E*Trade securities is 0385
Thank you for sharing!
Why should it take that long to get the money?
I gave my shares back to treasury last Wednesday. The deal was- "give us your shares and we'll wire you money for them"
Wires are instantaneous. Should already have the money, but I am aware that things don't happen overnight in the corporate world. Clearly. Or we wouldn't even be in this mess!
Yes- but if it has been more than 5 days since your form arrived at VStock email/call them and ask about it. That seems to be working to get things in motion for some.
E*Trade was easy- just use 0385 for the DTC # on the DWAC form and call the financial services customer service number when you are instructed to do so from VStock. (I had to wait 40 minutes for an actual person so be prepared for that) Tell them you need to initiate a DWAC withdrawal for the shares in your account.
Wonder if we will know when that happens?
https://www.lans.holdings/
Click on the shareholder notice at the top and then click on the Return to Treasury Program link to start the DocuSign process.
Assuming Lans sent over the completed agreements yesterday, we probably won't see our money until late next week. In the return to treasury agreement it says that the escrow company has 5 days to transfer the funds. They will most likely use up most of those 5 days, (from my past experience with escrow companies)
So I think it will be a happy surprise if we see any money before next Friday.
I was asked to fill out the credit card authorization form for VStock last week- which I did- but then Joseph called me and told me that they would not be charging my card as Lans has requested to pay them directly.
Hoping this means they will be deducting all fees from our total so there is not one more step in the process.
Thanks for letting us know this!
Oh and exact verbage when he first came on the line was, "I need to initiate a DWAC transfer" He knew exactly what I needed done.
He just pulled up my account and verified which holding I wanted sent over. I told him to send all of the shares to VStock and he knew them right away, (they must have been on a list he was looking at)
He did it while I was on the phone with him and I received the confirmation of a match from VStock about 2 hours later.
Worst part of the call was the horrible elevator music while I was waiting 40 minutes for someone to pick up.
I didn't have the control number and my broker rep told me it wasn't necessary to have. My transaction went through just fine without it so don't stress over that.
On the Notice of return to treasury program it does have- in step 2:
"If your shares are held in your brokerage account you will need to instruct your broker to return the shares to VStock Transfer."
VStock called me today to tell me I had to call my broker and have them release the shares. I don't know if brokers are different but mine never would have transferred without that phone call to E*Trade.
I sure hope so. I honestly don't know if they will need us to cover the fees or just deduct them from the amount we will be receiving, so I guess we will either get a call/e-mail from someone at Lans for payment or just receive a wire with the balance.
Fingers crossed the rest of the process goes smoothly (and quickly)
Just received another message from VStock:
"Please be advised the DWAC reflected in our system this afternoon has been matched and completed"
No idea what happens next. Will fill ya'll in when I hear from the next person I guess.
I feel like I'm doing the "Who's on first" dance...
Maybe it's just an E*Trade thing. Not sure.
He was able to do it all while I was on the phone with him though, so no more forms to sign.
Just hung up. E*Trade rep confirmed that I needed to call and have them release the shares. Not sure why others are being told different. Simple brokerage account- not an IRA or anything like that.
3-5 business days for this to take place. He advised that I should then call VStock to confirm that they have received them because there was no "control" number involved. He just put my name and said it should be fine.
Yep- that's what I thought too but I just got off the phone with VStock and they told me I would have to contact my broker to initiate the DWAC withdrawal request. Said they may need another form signed but shouldn't need another medallion.
Yet more confusion, but I am sharing this to possibly help the rest of you who are still waiting after the 2nd step has been completed.
Not real confident on the time frames anymore either. I guess it will be on Lans as to how long they take to contact us for payment? Idk...
Did you contact your broker to have them initiate a DWAC withdrawal request? I am on hold with E*Trade right now.
Payment will not be made to VStock now. They are billing Lans directly- so I guess we will be contacted for all the fees listed on the final agreement, which I think is around $250. I would think this could easily just be deducted from our wire, but it doesn't sound like they are doing it that way.
It was actually all done through e-mail with a person who's e-mail ended with @vstocktransfer.com. They sent over a credit card authorization form for me to fill out.
Yes- on Friday, but my card hasn't been charged yet and the shares are still showing in my E*Trade account. He said the card would be charged when they finalize the transfer, so I guess that's when we will know that part is finished.
Did they contact you for payment yet?