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You will receive a 2nd e-mail that contains several pages you will initial, a wire transfer form, and a DWAC form that needs a medallion stamp. You will need to send that stamped form to the TA for the next step. (I sent mine over night via FedEx)
It took a little over a week for me to get that 2nd e-mail but I was one of the first to start the process.
I will definitely keep you updated as to when I get my money so you can feel better that the process is working- albeit very slowly for some.
I have completed everything on my end. If all goes as suggested I should see money in my account sometime within the next 2 weeks, (5-10 business days)
If the 17th comes and goes and I still don't have the money I will start to worry- but until then I will be patient.
They aren't tradable shares anymore, but even if they were the fees to move them in or out of your brokerage account would be the same.
Buying and/or selling on the exchange is different.
Thanks. Just trying to help anybody that might find it confusing. It's definitely not been an easy to understand process.
Also wanted others to know timelines so they don't panic when things take longer than expected. I think the guy handling the Lans end is super swamped, but doing his best to get to everyone.
I did it all through e-mail
VStock will contact you for payment to transfer your shares out of your brokerage account.
I never got a response on how long that process will take, but the guy who took my payment told me that my card will not be charged until they receive the shares. This is done electronically so I am guessing 2-3 days.
VStock will then notify the Lans Admin that the shares have been received back to the TA (and cancelled) and then Lans will notify the Escrow agent to transfer the funds to our bank accounts.
That's how I understand it, anyway. If anyone knows that I am wrong in some way please do correct me.
The TA e-mailed me this morning to get a credit card # for the payment, ($85.00) so at least I know something is happening there.
I did ask him how long this step of the process takes, but he hasn't e-mailed me back yet. If he does I will be sure to let ya'll know what he says.
Yes- the new wire form is done through DocuSign and just sent back to Peter. The Medallion form goes to the TA and like I said before- I don't see them processing anything overnight. Hoping I am wrong, of course.
He sent out a 2nd email containing the new form. If I were you I would probably email him and ask for one.
Peter Lundberg
lahostockbuyback@gmail.com
That form was in the 2nd email sent by the Lans Admin. Did you get that yet?
Is the TA requesting the shares be sent back to treasury from our brokerage account? If so I wonder how long that process takes? Do you know?
investors@lans.holdings
I filled out everything that was asked for. We have a trace/contact to every company involved here so if anything goes sideways we know where to look. I am not worried.
I only sent the one page with the medallion stamp. They received it yesterday morning so I am assuming if they need anything more they will contact me to let me know. Haven't heard anything yet.
That's what I used. E*Trade Securities.
I got mine from here:
https://www.dtcc.com/-/media/Files/Downloads/client-center/DTC/alpha.pdf
Wherever your shares are held, (if by brokerage) is the number you need to look for.
If you hold them. Otherwise the DWAC covers the transfer to the TA from your brokerage account.
I sent mine overnight via FedEx. I am actually not anticipating a quick turn around through the TA though. I have dealt with them before and I wouldn't be surprised if it took a few weeks for the next step.
Will be more than happy if sooner.
Oh sorry- no, but they definitely provide that. I checked with them first, but the closest location to me was about 60 miles away. Found another bank closer to home.
For the wire form? I did. They just told me they would be re-sending those, however.
Received a response from Lans IR
They verified the pps of .002, (less fees), and said that the wire transfer form would be re-sent with the correct format.
I'm very satisfied with this response and feel much better about this transaction now.
They are giving UP TO amounts. Kind of like FDIC insurance on your bank account. Doesn't mean that's how much you have to keep in the bank.
You gave up your shares for the tax loss didn't you? I'm sorry about that.
It's literally called a SIGNATURE GUARANTEE. It also confirms your legal authority to transfer the shares between accounts.
You have a great imagination though. I will give you that.
She is wrong. The medallion guarantee is only stating that you are who you say you are and the shares are in an account belonging to you. It is not her place to determine if your shares have any value.
Yes- that's no big deal. Planning to send that form today/tomorrow.
Just wish I knew if that's the last step or not on what the TA needs.
I think that's the case. Not to worry though... my banker just told me that nobody is getting a wire transfer based on the info that they have asked for. They will certainly need to send out another form (or use it as an excuse to send a check snail mail maybe)
Other than that she said it better not be fraud because there is ample evidence to bring criminal charges if it is. (Banking fraud is no joke)
I looked up how the DWAC works and it seems like we are giving the TA permission to withdrawal the shares from our brokerage account by signing the form and getting the stamp guarantee.
If anybody else has any info on this I would like to hear it as this part is a bit confusing for me too.
I am going to get that stamp in about an hour so I will ask my banker about this and also about how a wire can be done with the form they provided.
Will let ya'll know what she says.
DTC Participant Report
Just in case this helps anybody else- it is something needed on the DWAC page for the buyback
https://www.dtcc.com/-/media/Files/Downloads/client-center/DTC/alpha.pdf
I literally googled DTC participant number for E-Trade and put down what came up- was yours 4 digits? There is a 90 minute wait for customer service today and I don't have that kind of patience. lol
This is a concern for me also, however I am putting info from a Bank of America account I hold because those actually can send/receive money based on the phone number associated with the account. I have also moved all but $25.00 out of it for now- just to be on the safe side.
My smaller hometown bank does not offer this kind of wire/ACH, and that would be a concern for anybody who does not hold an account at a bigger (more technological) bank.
After looking at it a bit more you may be right and that may be covered with the DWAC/Medallion Guarantee.
This is all as clear as mud. I guess I'll just get everything mailed out and see what happens also!
Did you contact your brokerage to have the shares transferred or are you holding certs? It almost reads like we have to mail the medallion guarantee with the stock certificates.
I haven't called E-Trade yet to see how they will handle it.
Peter Lundberg
lahostockbuyback@gmail.com
(I am aware of the other e-mail floating around- got that too)
That's what we all received this morning- (I think?). It includes everything except what we will be receiving for surrendering our shares.
I sent an e-mail and asked if there were any other documents forthcoming- including a more extensive wire transfer info page.
Will let everyone know if I receive a reply.
I cannot imagine that they would willfully go to these lengths just to deceive us all out of our shares and relinquish any ability to legally recoup anything in the future, BUT I have seen stranger things so I can't 100% rule that out either.
As of right now I feel that these are oversights and could be remedied easily. I will e-mail them and see if they respond.
LOL... the bank wiring info page has no where to put account/routing numbers. Pretty sure Bank of America isn't just going to pull up our accounts by our name and put the money in that way.
This is not passing my sniff test this morning... I sure hope someone has something better to share.
Having a little trouble signing something that details fees involved but not the amount they will be paying us.
We are also signing and agreeing that the "shares have no market value"
Is the missing payout amount (per share) just an oversight on their part?
Return to Treasury Agreement is missing the amount they are paying us. Anybody else see this info anywhere on the paperwork we are signing?
That applies when a security is first listed to the exchange- the requirements to get a market maker to quote you are endless, so they offer the piggyback to keep companies from having to do each MM separately.
Same. Mine is worth $18,000- will gladly jump through a few hoops for it.