I've just about had it with these cash out plays...companies are getting away with lying in their SEC filings!
FCRM. on 1/22/2015, FCRM did a 1-200 reverse stock split with a special condition that stockholders with less than 200 shares would be cashed out.
def 14c filing on 11/18/2014: "stockholders of record who own less than 200 pre-split shares of Common Stock on the Effective Date will be cashed out at a price of $0.50 per pre-split share."
I was not cashed out, and the temporary stock/cusip number was just reverted back to FCRM.
Here is my broker's response just now,
"It appears that Franklin Credit Management Corporation transfer agent rejected the request to receive cash for the 199 shares. Instead the company processed a reverse split 1-200, then process a forward split for 200-1. Also the company changed the CUSIP number of the security from 353491103 to 353491202. Details on why the company rejected the tender cash offer, you will to contact the company's Investor Relations department for more information. You should be able to find the contact information on the company's website."
How the hell do you just decide which parts of the SEC filing you are going to abide by?
fu**ing crooks.
NOW I CAN'T sell the stupid stock, because Fidelity is telling me there is NO bid showing up for them for the stock, even though I show .31 x .50 on Scottrade and other brokers.
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