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Something to add to this. Hawkins and Kwong are restricted for TWO years....period. They do NOT have the option to sell after year one as we do, so the incentive for them to bust some azzzz and get the pps up is evident. Also, for those that do push through the 144 paperwork, keep in mind your only declaration is the QUANTITY of shares you wish to sell. Your ask price is whatever you want it to be....say $2.00 - $3.00...if you so choose. Could be a method to show the mm's/brokers we can play hardball as well.
Lindy, did you not say one of the downfalls to BofA is they restrict buys/sells to 100k shares max?
Diamonds, all brokers use the DTCC. As far as stocks being DTC eligible, that is a function of the DTC that allows for electronic transfer of stocks. I am assuming they (TDA)are implying they will NOT be able to put them in your account and hold them electronically since they are HCC and restricted, and not DTC eligible.
No sir. I will be calling BofA again to see what they tell me as a followup. Someone else posted that they only charged $10 to trade, but that is the normal online fee. I want to check for conflicting stories from them as well. BofA doesn't offer the quality of tools the other brokers do, so I suspect their online broker services aren't as robust as aturd, eturd, or sturd. Hopefully I will be able to get a hardcopy email or weblink to their pricing services. Will update once I am positive.
Vic, that will be up to each individual broker. Most brokers require a minimum for a margin acount, and that may vary. Do some reading on regulation T which outlines the requirements for margin accounts/shorting. Basically it allows the investor to "borrow" up to 50% of the value of the stock they wish to short/long, and the broker retains the "right" to liquidate that position if they feel a threat to their investment. (The 50% they loaned you to use). Each broker has their own little group of rules they use to determine when/why they may call/liquidate a margin account.
hey Omey...it just goes to show you how inept these brokers are. One person tells you one story...the next a completely different story....maybe next week we will find the grinch stole'em.
who might that be? TIA
Tax, I just got off the phone with the TA. She stated the TDA certs were sent out overnight fedex yesterday...so I will be calling aturd again on monday to verify they have received them. If they say no...I be callin the TA again and tell her that aturd says they didn't receive the certs...and that she should verify receipt to ensure aturd isn't lying.
Just got off the phone with aturd reorg dept. They stated they have NOT received the certs from the TA and do not know when they will arrive. I also enquired as to why I am unable to purchase PAVC securities. They stated "TDAmeritrade has chosen to restrict opening positions on this security for compliance reasons". Soooooo...I asked what those compliance failures might be. Response..."I don't know...the compliance department determined that". I asked to be transferred to the compliance department so that I might speak with one of their representatives to get a better understanding of the reasoning for resticting buys of PAVC. The response..."They don't have a phone" After I stopped laughing, I told the young lady I would be filing a complaint with the SEC and of course include her name as the person giving me this information. She quickly informed me she was only "passing along" what she was told, and I could certainly email them for more detailed information.
This is my email to TDAmeritrade:
To whom it may concern:
I am currently a holder of PAIVIS, (ticker symbol PAVC) securities. I have on several recent occasions attempted to purchase additional shares of this security using my account with TDAmeritrade. Each time I attempt to purchase this security, I receive a message stating this security is restricted, and my purchase order is immediately canceled. I purchased this security in the past through my account, and now am unable to purchase.
I called your customer service dept. and was transferred to the re-org dept. and spoke with Lisa. Lisa informed me that this security is currently restricted due to "compliance issues". I asked her to explain this, and she simply stated that TDAmeritrade was restricted and I would have to communicate with the compliance dept. as she was unable to give me a valid reason for this restriction.
I asked Lisa to transfer me to the compliance dept. and she informed me that dept. has no phone. I then asked Lisa to have a senior manager speak with me, or a VP within the company. Lisa informed me her manager was not available and she had no VP I could speak with. I then asked Lisa to take my name and number and have a manager or VP call me to discuss this issue. Lisa informed me I could email TDAmeritrade with any questions or concerns I have.
I informed Lisa I would be sending an email to TDAmeritrade involving our discussion, along with a copy of the email in my complaint to the SEC.
I am looking forward to your response/reasoning for this restriction.
Have a great day.
Tax, I have that same feeling....it's painfully obvious the brokers are doing everything possible to hold our shares just as long as they can...for what reason...if they have nothing to hide...or are 100% above board and legal...why be so difficult and obstructive in getting their PAYING CUSTOMERS their property.
Franki, you might inquire why it would take 2-3 weeks to verify as they could easily chect the ORIGINAL list they sent to the transfer agent. One would think they could accomplish that task within a few hours, to a day. Sounds like another stall tactic to me. This gives them a few more days to do whatever.....maybe come up with another idiotic reason for holding them longer.
Friend, good to see you are getting some hardcopy data to support your position. As I suggested to you before, keeping a good accounting and timeline in hardcopy format will benefit you tremendously. Also, as you become more proficient and comfortable with what you're doing, and your knowledge base increases, you can easily ask them questions you know the answers to that will further benefit your cause. Keep us update with what info you can and good luck with this effort.
paiviskid, a lot of times brokers will do that...especially when they have a "feeling" something isn't right. I suppose it's their way of confirming YOU really want buy the particular security. I personally don't see the need, as we all should have reasonable enough smarts to know the risk.
dutch....ain't you supposed to be saying that on the CSHD board...lol hey...make paivis a jv of cshd...prepaid flight cards to da moon...lol
now ya see the typical contradictions from the SAME brokerage houses....and we pay these idiots to handle our money. Dammmmm...how stupid are we...lol. I will keep my aturd account with my long term stuff just for the streamer/tools they provide...but my trading of spec/otcbb/pink stocks will all be through BofA from now on.
Tax, I agree with you to a point. A lot of the longs I know that have a LOT of shares are going to hold through this. Many picked up some extremely nice profits on the paiv run, and now hold dirt cheap to free shares restricted on a cost basis. I know of a dozen holders that combined totals well exceeded a billion shares of JPHC. Many made a very nice profit flipping the paiv restricted, and can afford to hold out for a possible run/squeeze on down the road. My point in this is I don't expect to see a mass dumping of shares...I do expect to see shares dribbled out as peeps push through their 144 paperwork, but not all will hit at the same time. Also, many will take out their initial investment plus some profit, and let the rest ride for a possible winner later. After all, the goal is to make some nice bank and gamble with some winnings.
tax...you hit the nail right on the head...."although I can't see any way to prove that's what they're doing". As retail investors, we have very little recourse, and we have ZERO access to their records. We can't "PROVE" a damm thing against them...that is why I constantly post to correspond with them through email...once you have a hard copy...that is real evidence. I have called the DTCC on several occasion requesting information involving this...have been laughed at...hung up on...and flat told "we will give you nothing". The DTCC is a private company...not much of a chance getting anything from them...ever. and we all know THEY know we have not the money to pursue this through the courts....so the bullying goes on.
Bottom line is the company SHOULD have responded a long time ago...I know they did to a point, but wouldn't/couldn't make that aspect public until now. Hopefully with the majority of the cert issue soon to be behind us...they will pursue broker actions that have proven to be detrimental to the company/shareholder.
Tax, you have no idea how many times I have been in marathon phone calls with TDA...I have gone to the extreme of "educating" their managers in great detail involving the JPHC/PAIV/PAVC situation...including the TDA involvement with the restricted shares....conversations with donnelly....I have sent them copies of the PR's...copies of the filings...copies of THEIR emails contradicting themselves.....copies of the incorrect information they sent to donnelly pertaining to my account....I could go on.....each day is a new day for them.
The brokers are out to protect themselves in this obscene fiasco at our cost. I have filed many complaints with the SEC against TDA, and their "quick response team" has done nada in a year. Ohhh...they did call me on 4 seperate occasions to clarify items in my complaints, and stated "they are aware of the situation" but not a single bit of verifiable action from them.
Not a stupid question at all tax man. The brokers have buried deep down in all the legal micro print that they reserve the right to limit trading on any security they choose for ANY reason...and they don't have to give you a reason. Now if one takes a look at their agreement with their broker, it also states that one is COMPLETELY RESPONSIBLE for any and all trades they allow through their account. So given that, it appears the brokers are contradicting their own rules.
I look at it this way...TDAmeritrade solicited my business. I pay them a fee to transact my wishes. It is NOT their decision how I choose to spend MY money. Their responsibility is to transact my buys/sells...for an agreed upon fee...period. If however the buy or sell does not transact, that is out of their control.
Now, if they choose to limit buying of a security that I choose to initiate a buy order for, I would fully expect them to give me a valid reason as to why they will not put in a buy order. If it is a stock they have uncovered proof, or valid suspicions of fraud, wrong doing...you know the routine...then I would applaud them for looking out for my best interests.
But to arbitrarily limit a security and explicitly refuse to give a reason...other than..."we think something is suspicious" doesn't cut it. We are all adults...and expected to have enough common sense to handle our own affairs.
I contracted with them to buy and sell securities for me, and I pay them to do just that. That is what they solicit their business as...and not a guardian of my judgement. I do NOT pay them or ask them to make my decisions for me.
I get a little ticked off on this subject, so don't take the rant any other way than directed at the brokers.
nuk...take note of the wording.."legitimate reasons" name a legitimate reason why some brokers won't allow buys TODAY. company is current on all filings...not suspended...what valid reason would any of them have. Aturd won't give a valid reason...name one that has.
Paivis Corp. Soldifies an Increase in Distribution Locations by 35%, Confirms Substantial Progress With Acquisition Targets and Comments on Online Trading
Thursday May 31, 10:47 am ET
ATLANTA, GA--(MARKET WIRE)--May 31, 2007 -- Paivis Corp. ("PAIVIS" or the "Company") (OTC BB:PAVC.OB - News) is pleased to confirm it has solidified a more strategic business relationship with W.L. Petrey Wholesale ("Petrey"), an existing long term customer of the Company. This new service level with Petrey will upgrade the existing technology infrastructure to a more robust platform, allowing more profitable product lines to be sold by the Company's subsidiary Trucall Solutions, Inc. to Petrey and increase the number of locations for the distribution of Paivis prepaid long distance phone cards and other products from a total of 5500 locations to 7500 locations, an increase of approximately 35%. The Company anticipates this upgrade with Petrey will be a significant boost in annual revenue in months to come. Petrey is committed to price, placement and performance of product that bring loyalty back to its customer stores. More information about Petry can be found at www.petrey.com.
ADVERTISEMENT
Warren Jackson, President of Pretry Wholesale, comments: "We are impressed with the future plans for Paivis and are pleased to be able to be part of the growth ahead."
Company Tenders Purchase Offer
The Company also confirms it is in substantive negotiations with two acquisition targets and has tendered offers to purchase both companies for cash and stock.
These targets sell primarily prepaid long distance phone cards and prepaid cellular phone products.
The acquisitions have provided unaudited statements as part of our due diligence which has concluded to us that both targets have sustainable profitable business models that fit well in Paivis' business plan objectives.
Greg Bauer comments, "We have been in discussions and negotiations with both target companies for several months and we all recognize the benefits of merging our companies, particularly the upside of our combined distribution base. We take great pride in providing these companies with a platform on which to expand. Management feels confident the discussions will progress to agreements and subsequent closings."
Company comments on Online Trading
Finally, the Company has received numerous complaints from current and potential shareholders who have been denied the opportunity to purchase shares of Paivis common stock in the open market through their online trading accounts. The Company is undertaking an investigation into how frequent this may be occurring, which online brokerage firms are denying shareholders the opportunity to purchase our shares in the open market and why.
Greg Bauer, our Chief Executive Officer comments that "We are unaware of any legitimate reason why Paivis' shares that are quoted on the Electronic Bulletin Board are unavailable for purchase by certain online brokerage firms. As a part of its inquiry, the Company will be contacting certain online trading firms to determine if and why certain firms may be denying customers the opportunity to purchase common shares in the open market."
I would like to add to what tracky said, if indeed YOUR broker has not complied with the TA's request for your personal information, you do have another step to take to ensure YOUR personal info gets mailed to them. Have the TA send you an email with explicit instructions on the information they need for you....just you, and not the entire shareholder base for that broker. How they want it formatted....delivered...typed...spelled...you get the idea.
Then contact your broker and have a one sided conversation with them. Explain to them that you will be sending them a request that they send YOUR personal information to the transfer agent so you can receive YOUR shares in cert form. You are not concerned with any other client/shareholder with your broker...this is only about you.
Insist that they send you a copy of whatever they send to the broker, and insist they give you a timeframe for completion. Keeping in mind they can access your account within seconds when you call, be logical in the amount of time they may say it could take. Also, do NOT take no for an answer...they do not have the right of refusal here. This is about your personal property they are a custodian of.
I did this with TDAmeritrade, and it only took them two tries to get it right. Unfortunately that was about 8 months ago, and of course Donnelly FTD'd on us.
actually I do think it may be possible. I spoke with donnelly several times about the restricted certs, and he told me the requirement is the 144 paperwork and the opinion letter...he said a person could submit the cert directly to the TA. Now keep in mind donnelly also played a very big part in our cert problem, but also keep in mind you need a broker to sell those shares...they may not be willing to handle your shares unless you go through them, and if they will...it may be quite a time consuming process for them to verify everything is accurate.
meffoos...that is correct. The restriction is for TWO years, but as "retail investors" we can file 144 paperwork to sell a % after year one. Insiders, or affiliates must wait the entire two years before they are eligible to sell. Which is to our advantage of course, as hawkins would much prefer the pps to be up substancially higher in may 2008 than it is now....which would allow us to look at possibly a much higher pps for our shares as well if we held that long. If you think about it, look at the advantage we would have over any insider considering selling once their restriction is lifted. We could file our 144 paperwork 90 days ahead of them and be ready if the pps moved up dramatically.
hand them to me...pleaaaaaaaaaaaaaaaase.....lol
1. Long term government contracts now/expected
2. potential growth outside Nigeria
3. funding impact/profit ratio - now and future
4. U.S. (FDA) approval of nicosan - when might it happen
5. potential expansion of facilites to other countries
of course I am thinking long term on some of these as we all know this company is an "investment" and not a quick flip stock.
agreed, they have real numbers unlike most pinks...I do think now that the majority of the restricted crap is behind us, the company has the ability to move forward with the plans they have had on hold this past year. If they are able to move into the hoped for number of retail outlets, show much improved revs/profits and acquire additional funding/acquisitions....we certainly could see that move to the nas or amex sooner than later. then the pps should go up up and up.
Argo, That is where I had a real problem with management....they did NOT stipulate a provision for the 144 rule on the restrictions, only stated they would be restricted for one year. To me they mislead the majority of the shareholders with that statement. As we all know, retail investors can sell a portion of their shares each 90 days AFTER year one, so in essence they were correct in that statement...just in my opinion they lead many shareholders to believe shares would revert back to 100% free trading after year one, when in fact they would still be governed by rule 144.. Per the SEC rule 144...a restriction is a restriction is a restriction...TWO years.
BD...that is exactly right...we as shareholders can send one hellll of a message to the brokers...we remove our certs/shares from their accounts...make them "apologise" with interest.
me thinks "short" is becoming politically incorrect....might have to go with "runty".....lol
napoleon complex?
Friend, looks like you may have a very valid case against them. Keep very detailed records, and as I suggested earlier...know what the answers to the questions are BEFORE you ask. Try to do what you can through email because that gives you a hardcopy they can't refute. Herb can help you out with getting the info to the right people...keep us posted on what you find out...minus your personal info of course.
bizz...bartko is the ATTORNEY...and I can tell you the TA has been referring peeps to call him with questions about paivis. My last 4 conversations with them they tried to direct me to him...I insisted he didn't have the answers to my questionsand they did, so they talked to me.
herb, sounds like you need to get out more...lol But I will not be betting the vette...TG and lindy will be christening the vette along with a few other ladies I have tricked in to the ride as well...ohhh...and don't forget padutch will be a force to deal with if you get between him and the strip when we do the cruise...as he demands front row unobstructed viewing...lol
Silver, unfortunately my shares are with aturd...but I am slowly moving everything in penny land away from them to BofA because they don't restrict buys at present...and hopefully never will. If you've been following the boards much this past year you will see the multitude of conflicting reports from the same brokers time and again. I personally will be requesting my certificate from aturd if they don't mail it on their own. I will give until friday and then call aturd/TA to verify where my cert is.
any bets on "something" going on out of the public eye...
check L2
Price Size Exch Time
t 0.821 50000 OBB 16:13:25
t 0.821 50000 OBB 16:13:01
t 0.821 50000 OBB 16:10:18
t 0.735 30000 OBB 16:02:15
0.99 2500 OBB 15:58:52
gunadoo, we as RETAIL INVESTORS have the right to sell a portion of our restricted shares after the completion of the first year of restriction.
some light reading will catch you up on the rule.
http://sec.gov/investor/pubs/rule144.htm
For those wanting to move their restricted shares to another broker. Once your current broker confirms they are in possession of your HCC, simply demand they mail it to you. They have no recourse in that matter. The shares belong to YOU, and it is your decision if you choose to hold the cert personally or through any broker.
crespulin, where do you get this information, or is it jsut your speculation
omar, did they give a VALID reason for restricting buys...or the typical "we think something is going on" response. TIA